Ask Terry Questions IRA free withdrawal

IRA free withdrawal

By Terry Savage on September 26, 2023 | Wild Card

My annual stmt says I can w/d an amt of money for “free”
I’m 73 and other than knowing that I will pay EOY tax . . . why s/ I not just put into my savings?

Terry Says

They are probably saying that you can “break” a CD without penalty, now that you’ve entered the age of RMDs.
All the money you take out will be taxed as ordinary income. But at least you won’t get a penalty if you have to take money out of a CD that has not matured!



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