When must you withdrawal money from your IRA?

This is usually not a problem for most people, however, some have been so diligent in their investing and saving that they have an abundance of loot, so much in fact they don’t start making withdrawals until it’s too late. Too late you ask? Yes, the fact is, you must begin making withdrawls from your traditional IRA no later than April 1 of the year following the year you reach 70 and 1/2. For many of us, this will be more of a concern for helping mom and dad manage their retirements. If you don’t withdrawal the required amount, you will be forced to pay a fat %50 penalty on the difference between what you should have withdrawn and what you actually did withdrawal.


Tagged as:

Leave a Response

You must be logged in to post a comment.