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Is there a law that mandates you draw on your mutual fund at age 75?

My father thinks that now that he is 75, he is required to make draws on his mutual fund-can anyone tell me if this is fact or fiction?

Not mutual funds, but IRAs and 401ks must be drawn down by a certain percent each year once you turn 70 and a half.

The government wants to collect all those taxes you deferred.

In the USA it is fiction. Unless the mutual fund is in a traditional IRA, then withdrawals need to start at age 70 1/2.

No.

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