New law allows seniors to establish IRAs after 70

New law allows seniors to establish IRAs after 70

| Written by Linda D. Carley, Attorney and Former Judge for Spring 2020 Edition of OurSeniors.net Magazine | A new federal law has expanded the ways seniors may contribute and withdraw monies from their retirement accounts. Under the SECURE Act (Setting Every Community Up for Retirement Enhancement) just signed by President Trump and effective January 1, 2020, Americans in their seventies will have greater access and flexibility for retirement planning. The new law also extends the age for seniors to begin to take required minimum distributions (RMDs) by two years, and may require seniors to review how monies in a living trust are distributed to beneficiaries after the grantor’s death. Repeal of Age restriction for IRAs Prior to SECURE, seniors were restricted from establishing traditional individual retirement accounts (IRAs) after the age of 70. The new law, which is the broadest retirement reform in 13 years, repeals the age restriction for the establishment of traditional IRAs for tax years 2020 and beyond. It allows...
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Amazing Senior: Tom Yarbrough

Amazing Senior: Tom Yarbrough

Tom Yarbrough is not exactly your typical 85-year-old retiree. Tom still enjoys riding his classic Ducati motorcycle, a sleek machine that comes all the way from Bologna, Italy. When asked if he was still an active rider, Tom seemed amused by the question and replied, “I’m still young enough to ride!” Born 85 years ago in Gadsden Alabama, Tom attributes his continued youth, good health and ability to ride a motorcycle to a life time of hard work.  At a young age, Tom moved to Coral Gables, Florida where he went to school. He had his first job at age 13, a paper delivery route for the Miami Herald.  After school, he would help his uncle in a shoe store on Coral Gables’ famous Miracle Mile shopping strip. At the age of 18, he enlisted in the United States Navy where he spent 25 years in America’s service. During that career, he saw a lot of the world, including spending 3 years...
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Amazing Senior: Mirta Ramos

Amazing Senior: Mirta Ramos

| Originally published in the Spring 2020 Edition of OurSeniors.net Magazine | Mirta Ramos has experienced love, pain, fear, separation and a reunion. She grew up as an only child in Havana, a vibrant city filled with culture, music, nightlife and tight-knit neighborhoods, one that went from a democracy to communism in her lifetime. Her father traveled to the United States regularly for business and came home with stories about the country located just 90 miles across the Florida straits. Although she had never been there, it was a place she wanted to see. She deeply loved her homeland. But that changed dramatically in 1959, when Mirta was only 23 years old. Fidel Castro took power after a military coup, and life was never the same. Her father lost his restaurant to the regime. Mirta’s closest friendship ended when her best friend became a government “snitch.” Food dwindled. Meat became a rare commodity and life as she knew it was lost forever. “The first year...
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Amazing Seniors: Jerry and Esther Krueger

Amazing Seniors: Jerry and Esther Krueger

Stories from veterans are some of our favorites at OurSeniors.net, as each story is unique from others and all experiences are one of a kind. That’s why our Amazing Senior for this issue is Jerome (Jerry) Krueger, along with his wife Esther Krueger. They have been married for 72 years and moved to Daytona Beach to live closer to family in the area. These two have stayed active since they met in 1946, with a life full of extraordinary careers behind them and now, a busy schedule working with WISE (Wisdom In Senior Education) at Daytona State College. Jerry is also treasurer of Temple Israel in Ormond Beach. Jerry is a WW2 veteran who served in the Army Air Corps as a flight radio operator. He started in Miami, FL, for testing, flew to Sioux Falls, SD, for radio school, then to Long Beach, CA, to wait for assignment. He flew overseas to Australia for delivery of new aircraft. From there,...
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One of our Amazing Seniors upgraded her life with OurSeniors Team

One of our Amazing Seniors upgraded her life with OurSeniors Team

Loyal reader and previously featured Amazing Senior, Barbara Andersen was in a difficult place in her life earlier this year. After falling three times within one year, she knew she had to make a change. Her two dogs that she loves very much were holding her back from upgrading her life because she didn’t want to lose them or send them to someone she didn’t trust. After going from moving around with a cane to being wheelchair bound, she decided she couldn’t keep making excuses. The OurSeniors Team “took the bull by the horns,” Barbara said, “and moved at an unbelievable speed.” The OurSeniors Team began Barbara’s transition first with legal assistance to understand the full picture and next steps and then pairing her with the team’s real estate agent that got her house painted, packed up and ready to sell. To everyone’s surprise, the house was sold within two days, making the whole transition a total of just three weeks’...
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