Although we might like to keep retirement funds in our account indefinitely, according to the IRS one generally has to start taking withdrawals from an IRA, SIMPLE IRA, SEP IRA or retirement plan account upon reaching the age 72.
However, starting at age 70 1/2, one option is to take a Qualified Charitable Distribution (QCD), which comes out of an IRA and goes directly to charity. The IRA owner will not be taxed on this amount, and it will count toward the owner’s Required Minimum Distribution (RMD) for the year. (Be sure to check with your investment advisor.)
If you are like me and use these funds to support your charitable giving, I hope you will consider making a contribution to The Active Age. Did you know there are about 60,000 FREE copies of this newspaper distributed to residents of Sedgwick, Butler and Reno counties each month? Many local newspapers have had substantial subscription increases in the last few years, but we have been able to keep The Active Age free because of great advertisers and financial support from our readers.
The paper is written by local writers with local stories about our neighbors and communities. It is printed and mailed from Wichita, supporting local businesses. If you want to talk to someone at the paper, you are talking to someone in Wichita!
At our house, both my husband and I read The Active Age from cover to cover as soon as it hits our mailbox. We have utilized companies who advertise in the paper and have been very pleased with the services they provide. On behalf of the board of directors, I want to thank the many readers who have supported the paper financially over the past year. The Active Age is a designated 501(c)3 not-for-profit organization. If you’re doing your “RMDs and QCDs” I hope you will consider making a contribution.
Sharon Van Horn is secretary of The Active Age’s volunteer board of directors. She can be reached at email@example.com.