This post is actually a continuation of my previous post "Pain of turning 70 1/2 in America".
I would like to know why IRS has selected age 70 1/2? I am talking about the IRS's rule that says, "In the year you turn 70 1/2 you must start taking the required minimum distribution from your retirement accounts". Why not 70 or 75 or even 71 or 76 years? Is it because 70 1/2 sounds like a round figure to IRS rather than 70 years and 5 months or 70 years and 7 months?
Oh well. IRS is just like God. They just create rules and we, ordinary citizens, just have to abide by them. Don't dare to question them or challenge them. You'll be thrown in the jail.
Shoban Sen
I would like to know why IRS has selected age 70 1/2? I am talking about the IRS's rule that says, "In the year you turn 70 1/2 you must start taking the required minimum distribution from your retirement accounts". Why not 70 or 75 or even 71 or 76 years? Is it because 70 1/2 sounds like a round figure to IRS rather than 70 years and 5 months or 70 years and 7 months?
Oh well. IRS is just like God. They just create rules and we, ordinary citizens, just have to abide by them. Don't dare to question them or challenge them. You'll be thrown in the jail.
Shoban Sen
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