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Retirement Planning – 401k/IRA Withdrawals

Q: Is it true that 401k or IRA withdrawals can begin at age 55 without penalty? I plan to retire with a pension at age 55.

 

A: Thanks for your question… You are correct.  You can retire at age 55 and start withdrawing assets from your IRA under section 72-T of the IRS tax code.  This section 72-T states that you must withdraw substantially equal periodic payments over a five year period.  Once this time requirement is met you are able to decrease or increase your withdrawals without penalty. I have included the IRS website link below for you.  If you need us, we offer a free one hour consultation. 

http://www.irs.gov/Retirement-Plans/Retirement-Plans-FAQs-regarding-Substantially-Equal-Periodic-Payments#3

 


 

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