In 2009 the Internal Revenue Service provided a tax break to seniors (ages 70 or older) by not requiring them to take their minimum distribution on their IRA. This tax break is set to expire on December 31, 2009!

If you are over 70 years of age and in a good financial situation, you may want to consider a few other options for your IRA funds.

1. To help prevent the ups and downs of your portfolio, consider moving into lower risk investments within your IRA.

2. Make a direct contribution from your IRA to your favorite charity. Currently, the IRS allows seniors (ages 70 ½ or older) to take tax-free withdrawals from their IRA as long as the money goes to a charity.

For those of you under the age of 70, now is the perfect time to plan on a ROTH Conversion that will be happening for the 2010 tax year.

Another way to plan for 2010 is with a self-directed IRA with Entrust! Visit www.theentrustgroup.com for information on setting up your own self-directed IRA or to contact a local office near you.

No matter what your age the opportunities abound. You just need to know the rules of the road.

Stay tuned to Wise Women Investor for the latest updates for your IRA!

This entry was posted on Monday, December 7th, 2009 at 12:01 am and is filed under Self-Directed IRA. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.