Respected Contributor
Posts: 2,550
Registered: ‎05-09-2016

Re: Withdrawing On A Roth IRA

[ Edited ]

You do NOT have to start taking money out of a ROTH IRA at age 70.5. Traditional IRA's and 401(k)/rollovers have minimimum distribution age thresholds, but not the ROTH.


The account also has to have been open for at least 5 years, regardless of age, or you'll pay taxes. You may avoid penalties, but not taxes.


This is why it's so important to consult a professional rather than random strangers on a shopping forum! So much bad info. Well intended, but bad. 

~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. ~

Trusted Contributor
Posts: 1,343
Registered: ‎06-15-2018

Re: Withdrawing On A Roth IRA

@FrostyBabe1 wrote:

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. 

I agree ... while this place gives lots of good information on a variety of things, health and financial information should not be sought here (or given).  Why inidivuals ask personal advice here on such important matters is beyond me.

Honored Contributor
Posts: 11,599
Registered: ‎10-25-2010

Re: Withdrawing On A Roth IRA

@FrostyBabe1  Thanks for the info on the Roth.  My financial guy told me that I would have to start disbrutions at age 70.5 for my Roth.


i have an appointment coming up with him soon.  I can't wait to discuss this with him.

Valued Contributor
Posts: 912
Registered: ‎03-09-2010

Re: Withdrawing On A Roth IRA

@CARMIE wrote:

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We pay taxes on money U  make ,pay it again on that money invested, if anything you invested, now being withdrawn, pay it again.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

According to the IRS not all distributions from a Roth are tax free.