Withdrawing On A Roth IRA

cuddlesmama · ‎03-11-2010

What is the best way to withdraw a Roth IRA? All at once or monthly or is ther another way. I am retired an would liketo start withdrawing on it. any suggestions? TIA

CelticCrafter · ‎03-09-2010

For me it would come down to whether or not there was a monthly

fee involved.

If they were going to charge me every month to make a withdrawal then I would take it on an annual basis.

OKPrincess · ‎03-10-2013

We have most of our investments with a financial investment company for several years.

When we retired, we devised a plan to receive 2 distributions a month. This is in additional to our social security checks.

The amount for the year, including taxes and fees, is set aside from everything else and our distributions are made from this account. Then it starts over the next year.

FrostyBabe1 · ‎05-09-2016

Please, please talk to the custodian of the account (brokerage firm) or your advisor to determine what the best course of action is for you. This is NOT the place to get this kind of advice.

~The more someone needs to brag about how wonderful, special, successful, wealthy or important they are, the greater the likelihood that it isn't true. ~

pachutabelle · ‎03-17-2010

If you don't need the whole amount now, I would take a monthly withdrawal so that the remainder continues to compound interest. Depends on your circumstances.

Mom2Dogs · ‎03-09-2010

There are rules and tax implications, get the advice of a professional. Since it is a roth, there may not be tax issues but I would still talk to a pro. DH is over 77 and we have been withdrawing his traditional IRA's since he was 70.5 (I think that is the mandatory year)....we have not needed the money yet so we just reinvest the money.

OKPrincess · ‎03-10-2013

@Mom2Dogs wrote:
There are rules and tax implications, get the advice of a professional. Since it is a roth, there may not be tax issues but I would still talk to a pro. DH is over 77 and we have been withdrawing his traditional IRA's since he was 70.5 (I think that is the mandatory year)....we have not needed the money yet so we just reinvest the money.

Per our financial advisor, we must take a certain amount out at age 70. Not sure until we get there. Good luck.

SharkE · ‎08-19-2010

First thing to be worried about is the IRS. They have their hand in your pocket from cradle to grave. Ask whomever about the tax related to it.

We pay taxes on money U make ,pay it again on that money invested, if anything you invested, now being withdrawn, pay it again. Death & taxes,you

can count on

Caffeina · ‎03-09-2010

It depends on your finances, age, what type of Roth account your money is in, etc. Talk to a trusted family member, friend, or a professional.

Carmie · ‎10-25-2010

@SharkE wrote:
First thing to be worried about is the IRS. They have their hand in your pocket from cradle to grave. Ask whomever about the tax related to it.

We pay taxes on money U make ,pay it again on that money invested, if anything you invested, now being withdrawn, pay it again. Death & taxes,you
can count on

There are no taxes involved with a Roth IRA, just a Traditional IRA, so no worries about the IRS being in your pocket.

i have noticed that the withdraw fees can be quite high. The investment companies make a fortune from retiree savings.

i agree that the OP should investigate and see what would be the least expensive way to take the withdraws. You must start withdrawing at age 70 1/2 or the penalties for not doing so are very steep.