In general, you must begin receiving minimum distributions by April 1 following the later of (1) the year in which you reach age. 70Â½ or (2) the year in which you retire from service from the employer maintaining the Plan.
Permanent insurance provides lifelong protection, and the ability to accumulate cash value on a tax-deferred basis. Unlike term insurance, a permanent insurance policy will remain in force for as long as you continue to pay your premiums.
Whole and universal life insurance are types of permanent insurance that can provide you guaranteed protection for life, tax-deferred cash value accumulation, and the ability to access your funds. Whole life offers guaranteed life insurance protection that will never expire, as long as your payments remain current.