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Money and Finances
Reply to "Live off returns of 401(k)?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]When you reach age 71 or so you have a required minimum distribution that is calculated based on your life expectancy. This means you have to use some of your principal and not just leave it for your heirs. [/quote] Not a smart comment. You have to take it out of a tax deferred account to a taxable account but you don’t have to spend (other than the taxes) you can still leave to your heirs.[/quote] Correct -- you do not have to spend it. You pay taxes and the rest you can keep for heirs, give it away, invest it. Not really sure the fear of RMDs. Other than you have to pay taxes.[/quote]
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