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Are You Required to Withdraw Money from Your IRA?

South Carolina Business Review logo

Our country and our state’s population continues to get older.  Which means more and more people are turning 70 ½, which requires them to begin taking minimum distributions from their IRAs, if they haven’t already started.  Do you know what those requirement details are and what your alternatives might be?

Mike Switzer interviews John Cooper, a certified financial planner with Greenwood Capital in Greenwood, SC.  He is also the 2018 president-elect for the SC Chapter of the Financial Planning Assn.

After almost 20 years, Mike Switzer retired from Wells Fargo Securities in 2001 as Senior Vice President/Investment Officer and Certified Portfolio Manager. In 1999, he and his wife, Maggie, purchased and operated for eight years the Baskin Robbins ice cream store on Forest Drive in Columbia. They grew the store from a bottom-tier operation in the Baskin Robbins franchise system to one in the top 5% nationwide within three years, tripling sales along the way. While operating the ice cream store, Mike and Maggie received patents for a portable ice cream sink and fold-down sneezeguard they invented and in 2002 started Magnolia Carts, an ice cream cart manufacturing company, which they sold in 2013.