Missed RMD from 401-k for 20 years
My Father had a 401k with an employer that he had for got about. He is 90 years old now and should have been taking RMDs for the past 20 years. What should we do?
My Father had a 401k with an employer that he had for got about. He is 90 years old now and should have been taking RMDs for the past 20 years. What should we do?
Permalink Submitted by Alan - IRA critic on Thu, 2016-01-14 22:29
Has he been contacted at all by the plan for anything including the RMD? They should have made an effort to distribute the RMDs to him. Has he moved or otherwise been inaccessible to the plan? Do you know who the beneficiary is on the plan or the approximate value of the plan? Is father married? And how is his health? All of these factor into what he should probably do in this situation.