59 1/2 Rule on IRAs
When may a client begin normal withdrawals on his IRA account? Must he wait until he actually turns 59 1/2, or can he begin taking penalty-free withdrawals in the year he turns 59 1/2?
Thank you!
When may a client begin normal withdrawals on his IRA account? Must he wait until he actually turns 59 1/2, or can he begin taking penalty-free withdrawals in the year he turns 59 1/2?
Thank you!
Permalink Submitted by tomd37 on Wed, 2014-08-20 17:18
To avoid any penalty must wait until age 59 1/2 is actually attained. Client should not mess up and take it and take it ahead of that date unless willing to pay the 10% penalty. Tom D.