IRA Withdrawals: Take Them Now or Later? – Season 1: Episode 11
When it comes to finance, conflicting advice is everywhere. This is especially true when people have questions about when they should start taking money from their traditional IRAs: Should I start early, or wait until I’m required to take the money out? Is my withdrawal going to be taxed? Does an IRA withdrawal affect my Social Security, or change the cost of Medicare Part B and D? Very few of these (and other) questions are ever answered with any consistency online.
Yet they’re important issues. How are you supposed to make an informed decision if the advice you’re getting from one source is telling you to do the opposite of what someone else told you to do? Knowledge is power. Listen to this week’s episode of Managing Your Financial Future and we’ll help to sort it all out for you.
IRA withdrawals will be taxed at ordinary income rates. Withdrawals prior to age 59½ may also be subject to a 10% penalty tax.
The information provided is based on current laws, which are subject to change at any time. Lucia Capital Group is not affiliated with or endorsed by the Social Security Administration or any government agency. Social Security rules can be complex. For more information about Social Security benefits, visit the SSA website at www.ssa.gov, or call (800) 772-1213 to speak with an SSA representative.