Turning age 70 ½ years old – your one and only opportunity to delay taking your required minimum distribution.

If you were born between July 1, 1944 and June 30, 1945, you will reach the magical age of 70 ½ years old in 2015 and will have to deal with the required minimum distribution rules from your traditional IRA account. However, you have an option. Technically, the rules state that you must begin taking your required minimum distributions on or before April 1 of the year following the year you turn age 70 ½ years old. Translated, this means that you must start taking your required minimum distributions from your IRA by April 1, 2016. (more…)