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.
Handling Tax Issues. When taking RMDs from a traditional IRA, youâll have income taxes to report. Youâll receive Form 1099-R showing the amount of the distribution. This is reported on Form 1040 or 1040A; if you receive a distribution, you cannot use Form 1040EZ even though you might otherwise eligible be to do so.