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New Tax Law - RMD RRS feed

  • Question

  • As of January 1,2020, the age for Required Minimum Distributions regarding tax deferred retirement accounts rose from 70.5 years to 72 years.  Is there a process to update the MS Money Lifetime Planner program with this new criteria? Appreciate any thoughts. Thanks, 
    Saturday, February 1, 2020 4:24 PM

Answers

  • I see in the credits, that Ameriprise contributed to the Lifetime Planner, which actually does a decent job of estimating your outlook.  For those of us with birthdays in July or later, 70.5 is only one year ahead of 72, so the estimate really isn't that far off anyways.   If you really want the calendar year to match up with the withdrawals, you could alter your birthdate ;)

    • Edited by ameridan Sunday, February 2, 2020 5:13 AM
    • Marked as answer by Juniperpt Wednesday, February 5, 2020 5:48 PM
    Sunday, February 2, 2020 5:08 AM
  • Microsoft dropped support of Money a long time ago. There is no one who can update the code.
    • Marked as answer by Juniperpt Wednesday, February 5, 2020 5:48 PM
    Saturday, February 1, 2020 7:14 PM

All replies

  • Microsoft dropped support of Money a long time ago. There is no one who can update the code.
    • Marked as answer by Juniperpt Wednesday, February 5, 2020 5:48 PM
    Saturday, February 1, 2020 7:14 PM
  • Thank you for your timely reply. I thought this might be a stretch but I was hoping that there might be some programmers who had figured out how to get into MS Money and rework code. There are so many of us that rely on MS Money. I would be willing to pay an annual fee to have a team of programmers maintain the product.
    Saturday, February 1, 2020 7:33 PM
  • I see in the credits, that Ameriprise contributed to the Lifetime Planner, which actually does a decent job of estimating your outlook.  For those of us with birthdays in July or later, 70.5 is only one year ahead of 72, so the estimate really isn't that far off anyways.   If you really want the calendar year to match up with the withdrawals, you could alter your birthdate ;)

    • Edited by ameridan Sunday, February 2, 2020 5:13 AM
    • Marked as answer by Juniperpt Wednesday, February 5, 2020 5:48 PM
    Sunday, February 2, 2020 5:08 AM
  • Great suggestion, thanks!
    Wednesday, February 5, 2020 5:49 PM