Retirees’ Mandatory IRA Withdrawals Would Shrink Under Treasury Plan

WASHINGTON—Retirees could take smaller mandatory withdrawals from their tax-advantaged accounts under a new Treasury Department proposal designed to adjust for rising life expectancy.

If finalized, the rules would take effect starting in 2021, reducing tax collections and letting more money accumulate in tax-preferred accounts. The change amounts to a tax cut for retirees who don’t need to tap their savings for living expenses.

Great...only, according to the GAO, 48% aged 55+ had NOTHING in an IRA or 401k (ergo, no mandatory withdrawals). Also, what proposal mostly does is update life-expectancy tables. Rightly so, but this is an administrative action, not something to hype as an initiative.

While it looks like a nice idea, it is a gift to the rich, and the rich will benefit by paying lower taxes. Those lower taxes will have to be collected from the non-rich.

Millions will die!

If you don’t need your retirement money at age 70 and 1/2, then you are rich! Another tax code change for the rich! Don’t be fooled!

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