Is it possible to withdraw or transfer money from a Vanguard fund on a monthly basis? If so, do I get penalized for it?
Thanks.
2007-08-02 11:08:20 · 4 answers · asked by VMI 2 in Business & Finance ➔ Personal Finance
Actually P J, being "penalized" means being "subject to a penalty, as a person." For example, "John was penalized 100 dollars for being late." So I can also say that I'll be "penalized" for making any withdrawals.
2007-08-04 12:31:46 · update #1
It depends on the fund. If it has been open under 2 years, then there is a 25% fee, after that its 10%. Also if it is a pre-tax contribution, then you will have to pay back the taxes that would have been due.
2007-08-02 12:12:55 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Depends. Is this an IRA or 401K account? Then yes, you'll get a 10% penalty fee in addition to the income taxes. If you're at least 59-1/2, there's penalty.
If it's just a regular mutual fund, there shouldn't be a penalty.
2007-08-02 11:15:22 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
It depends on the type of fund.
Most mutuals are easy to draw from. Your advisor fills out the form and you sign it. Unless you have casxh in your allocation, positions will have to be sold to create the cash. There should not be a penalty but you need to check your terms. There may be taxes.
2007-08-02 11:16:55 · answer #3 · answered by justbeingher 7 · 0⤊ 0⤋
"If you're at least 59-1/2, there's penalty."
I believe you meant to say NO penalty.
2007-08-02 11:24:13 · answer #4 · answered by Anonymous · 0⤊ 1⤋