Saturday, February 10, 2007
When one reaches 70 1/2 they must start taking money from their IRA. The government has a chart that tells you how long you should live. They want make sure you take out all your money before you die so you pay taxes on every penny you have saved before you kick the bucket so every year you must take out a higher percent. If you miss getting it out on time you must pay a penalty of 50% Talk about kicking when your down, the older you get the fewer brain cells we have in our memory mode.The ones I have left are used to remember to do things such as taking meds going to the doctor, dentist and to quit eating when I'm full. And where I left things such as my keys, the mail , the remote ,the car. You get the picture. Now here I am... I was four days late on making my withdrawal. Fifty percent penalty? Isn't there a law about being cruel to old people. Watch it Uncle Sam . No wonder I'm fat I'm using my last memory cells figuring this tax return instead controling what I eat. .....It's the IRS fault I'm fat!