Nominations for senior of the week open
Seniors are an important part of the community who are often not recognized as much as they should be. Do you know a senior who uses their retirement time to volunteer or help others? A “Senior of the Week” will be highlighted on Sundays on the Senior Living page in The Newnan Times-Herald. To nominate someone who you think is worthy of the honor, email email@example.com with the nominee’s name, why they should be the Senior of the Week, and a photo.
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Deadline Dec. 31 for required retirement plan distributions
The Internal Revenue Service reminds retirees born before July 1, 1948, that they usually must take distributions from their individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31.
The payments, called required minimum distributions (RMDs), are normally made by the end of the year. Those who reached age 70½ during 2018 are covered by a special rule that allows them to wait until April 1 to take their first RMDs.
This means that those born after June 30, 1947, and before July 1, 1948, are eligible for this special rule for 2018. If they wait until early 2019 to take that first RMD, up until April 1, it can be counted toward their 2018 RMD, but is still taxable in 2019.
The special April 1 deadline only applies to the RMD for the first year. For all subsequent years, the RMD must be made by Dec. 31.
The required distribution rules apply to owners of traditional, simplified employee pension (SEP) and savings incentive match plans for employees (SIMPLE) IRAs. Roth IRAs don’t require distributions while the original owner is alive. RMDs also apply to participants in various workplace retirement plans, including 401(k), 403(b) and 457(b) plans.
Items for consideration as Golden Years Briefs should be emailed to firstname.lastname@example.org, faxed to 770-253-2538, or mailed to Attn: Golden Years Briefs, The Newnan Times-Herald, P.O. Box 1052, Newnan, GA 30264. Email submissions are preferred.