“Anyone who is self-employed is in the yoyo economy,” says Ed Slott, a certified public accountant who specializes in retirement planning. “You’re on your own (yoyo) in terms of figuring out and setting up your benefits. Nothing is done for you.”
Many retirees love to hate their required minimum distributions, which they have to take from their IRAs once they hit age 70 1/2. Joining me to discuss what, if anything, retirees can do to lower their RMDs is IRA expert Ed Slott.
If you are 59½ or older, and your account has been open for at least five years, you can withdraw earnings for any reason, tax- and penalty-free, explains Ed Slott, a CPA in Rockville Centre and author of “Ed Slott’s 2017 Retirement Decisions Guide.”