Do I Have to Withdraw Money From My IRA?

You contribute into an individual retirement account to set aside resources for your senior years. The contributions may accumulate over decades, and each step of the way, you really don t know where you will stand when you attain senior citizen status. If you are successful financially, when you decide that it is time to retire, you may come to the realization that you will never need the assets that you have in your IRA. At this point, you may wonder about the estate planning implications. Let s look at some of the facts. Traditional Individual Retirement Accounts Whether or not you are required to withdraw money from your IRA will depend upon the nature of the account. If you have a traditional individual retirement account, you made the contributions into the account with pretax earnings. The government wants to be able to get some money eventually, so any withdrawals that you take are subject to regular income taxes. However, there can be a benefit here, because your taxable inco


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s