I participated in the Orlando Sentinel Money Matters Hotline. I will be sharing some of the excellent questions I was asked by your neighbors. Here is one:

Q: I work full time and have a 401k as well as an IRA. What will I have to pay tax on when I retire?

A: At age 70.5 you will be required to take a Required Minimum Distribution. Your total qualified retirement account balances as of 12/31/ the year prior to 70.5 multiplied by 3.65% will be the first RMD. This is all taxable as ordinary income.

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