I’ll be 72 in October, and I have a Roth IRA I haven’t done anything with in a while. I’ve got about $30,000 in it, and I believe I read where the government said there will be a mandatory withdrawal at age 72. If this is true, what should I do with that money?
I’m not positive there are mandatory withdrawals on a Roth IRA. I think that applies to traditional IRAs, but double-check with your investment advisor to make sure.
If it does apply to Roths, I’d take the required minimum distribution and move that amount to other investments. Or, since it’s only $30,000, if you’ve got another nest egg you plan to live on, you could just have some fun with the money.
In any case, talk to your investment professional before taking action. If she has the heart of a teacher and cares about your best interests, she’ll look at your overall financial situation and guide you in making the right decision.
* Dave Ramsey is CEO of Ramsey Solutions. He has authored seven best-selling books, including The Total Money Makeover. The Dave Ramsey Show is heard by more than 16 million listeners each week on 600 radio stations and multiple digital platforms. Follow Dave on the web at daveramsey.com and on Twitter at @DaveRamsey.