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.
All subsequent RMDs must be taken by December 31st of each year. This timing is no casual matter. The penalty for failure to take your RMD on time is a hefty 50 PERCENT of the amount that should have been withdrawnâand you still have to pay taxes on it.