Retired Taxpayers Over 59½ Years of Age at the End

question 166

True/False

Retired taxpayers over 59½ years of age at the end of the year must receive minimum distributions from defined contribution plans or they are subject to a penalty.

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Definitions:

Occupation

Any form of work or productive activity that an individual engages in.

Accomplish

To achieve or complete successfully, often referring to goals, tasks, or challenges.

Educational Program

A planned set of courses or experiences designed to impart knowledge, skills, and learning in a particular field or subject.

Personal and Professional Goals

Objectives that an individual aims to achieve in their personal life and career.