If you have the skills, create a portfolio of products that your art would be great on. If you want to do toys, create some with your work. If you want to sell yourself as a voiceover, create pretend commercials or jingles that youâd do.
Depending upon the terms of your 401(k) or other employer plan, you may be able to delay taking RMDs until April 1 of the year following the later of the year you attain age 70 Â½ or the year you retire, provided you are not a 5% or greater owner of the business.
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.