I am 60 years old. Will I able to withdraw funds from my IRA account? What is the minimum I may withdraw annually?
Roshan from Bayside, NY
For my IRA account---I have to be 59 1/2 before taking it out----otherwise there is a 10% penalty I would need to pay if taken out sooner!!
Just ask the person who handles the account----they are there to help!!!
You can with withdraw your IRA beginning at 59 1/2.
You can draw out as much as you want if you are over 59 1/2 and under 70 1/2.You will be subject to Federal and State taxes.After 70 1/2 you have to withdraw a minimum amount.Your IRA custodian can explain the numbers to you.
It also depends on "how" you got there to need withdrawals. If you are 55 or older and were "forced into retirement", you may be able to withdraw penalty free. Still will pay taxes though. If you structure the payments to be a liftetime "annuity", you may also avoid penalties.
Checking with the bank or firm that holds your account is the right thing to do. Be sure to give them ALL your background.
Add your voice! Click below to comment. ThriftyFun is powered by your wisdom!