Some months I may need more (for property taxes, etc. ) some months I may need less. Do I have to take out the same amount every month? Or can I change it to suit my needs in 3 months.
2006-09-28 15:48:17 · 3 answers · asked by rockridge2house 1 in Business & Finance ➔ Personal Finance
Don't take any money out. Save it so your children can inherit more
2006-09-28 15:57:28 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Yes you can withdraw anytime, but you can withdraw without penalties after age 59 1/2. Keep in mind you will still be subject to federal and state taxes. 20% Fed and any applicable state. The distribution will be taxed as ordinary income too. Good luck
2006-09-28 17:26:14 · answer #2 · answered by Mela L 3 · 0⤊ 0⤋
After age 59 1/2, you can take out whatever you want to, whenever you want to. The only change to that is when you turn 70 1/2. Then you must take a minimum distribution every year. You can take it all in one month or spread it over multiple months. Different amounts, different months, doesn't matter. Just be sure to consult with an accountant or tax professional to fully understand how much our devoted government will be take from you.
2006-09-28 16:13:23 · answer #3 · answered by troythom 4 · 3⤊ 2⤋