I had an early morning appointment with a gentleman whose age was 74. As he sat down, he began to tell me how his wife had stolen all of his retirement money from him. Upon further investigation, I discovered that he had never gotten a document signed by his wife that would allow him to withdraw his money from his retirement account that was held with the employer he had retired from.
I then realized that since he had not taken his money out on time, at the age of 70 1/2, he was going to be owing a hefty penalty to the IRS of 50%. So let's say he should have withdrawn $2,000/per month for the last four years or 48 months. That would mean he would owe $48,000.00 for the penalty. Not counting any taxes that are already due on the money.
Please do not trust others to do for you what you should be doing for yourself. If you are going to invest your money, at least know what you are doing, I beg you. This really breaks my heart to have to tell this man that his money is wasted. Click here for more.
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