<p>MiamiDap,
Can you please tell me more? I am not aware of being able to defer once the person reaches 70.5 years of age, even if still working minimum distributions are required.</p>
<p>HImom,
Automatic distribution was supposed to start at 65 in one of my 401K’s. As I have worked for many places, I have several of them. However, I could not find anything about it on their web-site. So, I called them (you should have some phone on any of your statements) and they have researched it while making me waiting forever on a phone, but it was the only negative part. The guy came back and confirm that, yes, they will start automatically at 65, unless I request deferral. He said that I can do it by just saying so on a phone right then. So, I have asked him to put deferral into my account, and he confirmed that he did. No paper work.
I bet you that you can do the same. It is worthwhile to try if you are interested. You can still withdraw whenever you need to do so, but, please, confirm that as different accounts might be set up a bit differently.</p>
<p>You can consolidate(rollover) those 401k’s into your OWN(called solo) 401k plan, Miamidap. The required distribution under that plan will be age 70.5… however, you need to have your own company setup.</p>
<p>OK, just was wondering if you found a way around the 70.5 required minimum distribution requirement–so far we haven’t met anyone who has.</p>
<p>^Consolidation means rollover. Rollover means in real life selling and buying (that is how it works actually) and it also means having all egs in one busket. I do not like neither, but it is up to your personal preference. I like to have few unrelated accounts. I cannot have company set up either it cost money, I am working full time and have no plans to retire until I am forced to do so. All of the above are very different for each of us here, so solution will not be the same.</p>
<p>HImom,
I believe I did. If you work a 70 1/2, who can stop you from contributing to 401K? I wonder if you can contribute the same or even more than minimum distribution. If you can, then, you will erase your automatic distribution. But I have not done research in this area yet. If anybody did, I would like to know.</p>
<p>Yes, you can keep contributing as long as you’re working & following the contribution rules (don’t have them handy). Have not researched this area much at all. We hope to have a large chunk of $$ rolled over into a ROTH IRA that we DON’T have to withdraw from.</p>
<p>^I can roll over any time to either 401k or IRA, I was told that, but I have no plans doing that. My hope that I still work at 70 1/2. Then I will research relationthip between minimum distribution and amount of contribution. It is waste of time for me to research it before.</p>