Retirement money draw on 401k,IRA, Etc ?

bigdog · 10-20-2017, 08:33 AM

Will be retiring this coming Spring, currently working at 68, drawing a Salary and taking Social Security for last 3 years.

At 70 years old the Federal Gov. requires you to start drawing down on your 401k, IRA, Etc investments.

Is there a formula on how much one has to draw each year ?
Is it based on current income, or on the total money saved in investments ?

I would like to keep as much money in investments after retirement, but the Feds want their money when you turn 70 ! Feedback and scenarios greatly appreciated !

On an unrelated subject... very sad day.... just put the boat into winter storage !

Thanks,
Bigdog

10-20-2017, 08:33 AM	#1
bigdog Senior Member Join Date: Apr 2006 Location: Central MA-Gilford Posts: 1,410 Thanks: 307 Thanked 117 Times in 94 Posts	Retirement money draw on 401k,IRA, Etc ? Will be retiring this coming Spring, currently working at 68, drawing a Salary and taking Social Security for last 3 years. At 70 years old the Federal Gov. requires you to start drawing down on your 401k, IRA, Etc investments. Is there a formula on how much one has to draw each year ? Is it based on current income, or on the total money saved in investments ? I would like to keep as much money in investments after retirement, but the Feds want their money when you turn 70 ! Feedback and scenarios greatly appreciated ! On an unrelated subject... very sad day.... just put the boat into winter storage ! Thanks, Bigdog