New IRA at age 63?
Here is a question for which I can’t find an answer. I am age 63 and have never had an IRA. Since there is no penalty to withdraw funds after the age 59-1/2, does that mean I can open a new IRA and withdraw funds at any time without penalty?
Permalink Submitted by Al Fry on Wed, 2009-02-04 16:45
Correct. However you can only start a contributory IRA if you have “earned” income. By “penalty”, I am pesuming you mean the IRS IRC Sec. 72(t) 10% penalty. There can be, of course other penalties, such as CD and annuity early withdrawal imposed by the bank or annuity company.