Delay Taking Solo 401k RMDs QUESTION

January 11, 2023 | By Mark Nolan

QUESTION:

If my wife and I wish to continue to work after 73 years of age, can we defer taking RMDs from our solo 401k plan?

ASNWER:

Good question, and no you cannot delay taking RMDs from solo 401k plans. Reason being, solo 401k plans are for owner-only businesses so RMDs cannot be delayed until you stop working like you can when you work for a full-time employer that sponsors/offers the the 401k plan where you are not a 5% owner. This rule is addressed in the following IRS page: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-required-minimum-distributions-rmds

About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>

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