Mandatory withdrawal from IRA after 70 1/2
I must withdraw every year and pay taxes
Can I buy Life Insurance instead by using the withdrawal and do not pay income taxes on that?
Terry Says
No. The government wants its tax money! So your withdrawals are all taxable as ordinary income. Once you get the money you can spend or invest it any way you want. But at the withdrawal age, you really don’t want to buy life insurance; it would be far too expensive!
