"Current rules mandate that investors must beginning to sell off their IRAs and 401ks...

[LiberalFighter]

when they reach age 70 and a half." According to McCain in his stump speech.

What is wrong with that? The problem is that McCain is implying that it must all be sold off at age 70 1/2 years old. Or at least his language is confusing.

The truth is that only a required minimum amount must be withdrawn from their retirement account each year based on their asset amount.

If someone had $200,000 in their IRA at age 70 1/2 they would have to withdraw a minimum of $7299.27 the first year.


Anyone else have anything else to add to this?

[Triana]

1. I wondered WTF McCain was talking about. I think you're right - that only a min amt

must be withdrawn beginning at 70 1/2. That's what I've always read and what my own puny IRA says.

[JimWis]

2. You are exactly right. McCain is probably trying to scare the

older voters or something. Or he just doesn't understand what he's talking about. Not that he ever does.

[LiberalFighter]

3. Considering that he probably doesn't have a IRA or 401k that would require withdrawals.