I will soon be required by law 01/01/2020 to take a Minimum Distribution from my IRA Account. I had to take a big distribution last year 2019 and despite that I have more money than last year in the account. The American Economy has done very well in 2019 and many people have surely benefitted.
Yes, our investments are doing very well. We took early retirement almost 5 years ago and after taking monthly withdrawals to cover living expenses, we have more $$ than we started out with. This year my husband will turn 65 and has decided to start Social Security and of course sign up for Medicare. That should help the bottom line, too.
I cashed out all my IRA accounts. Before you decide how much to cash, look forward to see how that will affect your tax situation for that year. In my state we can get property tax rebates depending on income, and if your cashed IRA is considered income, it can reduce the rebate.
Not only taxes, but if you are on Medicare you could see a drastic increase in your premiums. I wasn't aware of that until recently when our financial adviser was discussing our options for the next few years.
NO! Account seems to dwindle each time i look. Have messaged broker today and asked at what point do we panic ? If we were younger would not be so bad, but doubt we can make up in one year that ,we have lost so far. Too much money going out and nothings coming in - scary.