Required withdrawal from 403b
72 year of age. I have 25k in the state retirement account with corebride. I retired 5 years ago from a illinois state university.
Should I put the money into a CD or something else?
Terry Says
You don’t have to take an RMD until the year you turn 73. If that’s this year (2025) you must take the RMD. YOu can spend it or save it. But you’ll have to pay taxes on that withdrawal, so I suggest asking the custodian to withhold 20% for taxes.
But either way, you might also want to do a DIRECT ROLLOVER of your account to a place that offers more conservative investment options, such as money market accounts or very conservative stock market funds that strive for income.
Read this for instructions on how to do a direct rollover, an avoid taxes:
https://www.terrysavage.com/rollover-now/
