2022 is almost here. CNN Business outlined nine year-end money moves that can help save you big bucks. Seniors over the age of 72 will want to pay close attention to one of their suggestions — as it needs to be done before the clock strikes midnight on New Year’s Eve.
Make sure you’re taking the required minimum distributions from your IRA. The rule is you need to start the withdrawals when you turn 72. That was waived last year because of the pandemic but was reinstated for 2021. If you do not take the required minimum distribution, you could face a huge penalty — up to 50 percent. The article explains, if you were supposed to withdraw $50,000 but didn’t by December 31, you could owe $25,000 in penalties plus ordinary income tax on the $50,000.
The Seniors Trust is committed to protecting and expanding Social Security retirement benefits for every American senior. Its mission is to convince lawmakers to pass the Social Security Expansion Act. This landmark piece of legislation seeks to reform Social Security by expanding and strengthening benefits proven to reduce senior poverty and improve retirement security, as well as extending the solvency of this crucial program.