Categories: Mind & Soul

14 Cons of Retirement That Nobody Talks About and Their Solutions

You May Be Forced to Withdraw Retirement Money You Don’t Need

If you have saved in a retirement account such as a 401k, IRA or SEP-IRA, you are required to start taking minimum withdrawals the year you turn 70 1/2. You have to withdraw a certain amount even if you don’t need the money.

“I have many clients who will say, ‘I don’t need to take this much out,’” Geary said. But if you don’t, you’ll have to pay a tax penalty equal to 50 percent of the amount you should’ve withdrawn.

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A.S.

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