If you’re over 70 ½, you have been forced to take an annual amount out of your IRA and pay income taxes on it. The
We keep hearing how little people have saved for retirement. If the government would like to stimulate retirement savings so that people are not solely reliant on Social Security, then combine the Roth and regular IRA’s. Give a tax deduction on the contributions in the year they are made, allow for tax free withdrawals during retirement and do away with the required minimum distributions.