muscle noun [U]. âº the âpower to do difficult things or to make âpeople âbehave in a âcertain way: We do have the âfinancial muscle to âcompete âeffectively in this âmarket. (Definition of muscle from the Cambridge Business English Dictionary Â© Cambridge University Press).
Withdrawals of earnings from a Roth IRA before age 59Â½ may not be subject to the 10% federal penalty tax (or any other taxes) if the IRA has been held for at least 5 years and one of the following applies:1  The IRA owner is totally and permanently disabled.ithdrawals at age 70Â½ & older. If you own a Roth IRA, there's no mandatory withdrawal at any age. But if you own a traditional IRA, you must take your first required minimum distribution (RMD) by. of the year following the year you reach age 70Â½. For each subsequent year, you must take your RMD by. .
You are NOT required to take minimum distributions from your own Roth IRA. However inherited Roth IRAs do have required distributions and so do Roth 401(k)s. If you are still working and contributing to your employer sponsored retirement plan some plans will allow you to delay your RMD. This is dependent upon your qualified plan rules. You will have to check with your plan to see if you will be required to take distributions at age 70 1/2 if you are still working. The amount of your required distribution is based on two things: your prior yearâs December 31st account balance, and an IRS table based on your age.