Relief for retired seniors may come too late if the
The required minimum distribution rule requires 401(k) investors age 70-1/2 or older to take mandatory withdrawals, starting at 4% of the previous years balance and increasing annually.
The gut-wrenching markets of 2008 have decimated many retirees life savings by as much 45%, seriously increasing the possibility that they will outlive their savings. Older retirees who dont take the required minimum withdrawals face steep penalties.
Its kind of like theyre being punished for everything else that went wrong, Michael Kresh, president of
In a letter to