Originally posted by robtcorl Off to our Credit Union shortly.
They have a one week only offer of 2% APY on 24 month CDs, time to move some emergency money into to one from our money market account. Two percent isn't much, but it beats 0.3%, and their 72 month CDs are only paying 1.90% APY.
I'm 70 years and 8 months old so I have to start tapping my 401K this year.
Mrs Bob retired in April, and so far so good money wise.
You make is sound like you don't really need the money from the 401k, so even if the rules say you must take some out, you can roll it into another investment. Can you control the amounts you move so that what you take out makes reasonable investment parcels?
In US, at your age is this money treated as already yours (not taxed) or the whole amount taxed, or the profits from the original amount invested taxed?
In Australia I have three years to go till my pension money is treated as already mine, not taxed. That is a nice thought. It also makes a couple of decisions needed, a bit like yours and the questions I asked. I will not need the money at that age, if things continue as they are, so I will be in a position where I can roll the money back in, which works out more profitable than just leaving it there untouched. Hmm????