Congress passed a law at the end of 2008 letting seniors off the hook for mandatory withdrawals from IRAs in 2009.  Normally, seniors 70 1/2 and older are required to take part of their money out of the IRAs each year (so that Uncle Sam can get his cut).  Failure to do so levies a hefty penalty of 50% of the amount that was supposed to be distributed.  But at least for 2009, seniors won’t have to worry about it.

Article in USA Today

Tags: IRA, retirement, seniors

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