Required distributions from IRA’s and Annuities?
There are requirements to start distributions on IRA’s in the event you are age 70.5 years of age by April 01 in any year. This is called Required Minimum Distributions or RMD and must be taken by December 31 of each year after achieving age 70.5.
If your spouse is more than 10 younger than you are, this RMD can take their age into account in order to minimize these payments.
The same treatment is not true for payments from Annuities which can be deferred without regard to age.
It is important that you also put your spouse on these IRA’s and Annuities or a charity as beneficiary to minimize any possible estate taxes.
