Retired Illinois TRS -IRA rollover before 59.5
I am 57 and retired with full Illinois Teacher Retirement Pension at age 55. Soon after I retired I rolled my 403b into a Rollover IRA. Can you confirm that I can make a withdrawal before 59.5 without penalty? If I withdrawal all the funds ($138K) is there a provision that allows one to pay the owed taxes over 10 years? My wife will retire and will also have TRS pension in 4 years. I have my son getting married this summer and need to put some money toward chimney repair and some other home maintenance before we sell our home and downsize. Thinking of pulling all money out as I have 2 daughters in 20s so more weddings may be sooner than later. So thinking of withdrawing all of my IRA rollover and this will be my “chicken money”. I am not finding any answers to my questions when I do some google searches. Hoping you can help me.
-Eric
Terry Says
These are all TERRIBLE alternatives, and likely not possible!!!
You’re going to need this money later in life.
And if you need extra money NOW, for weddings or chimneys, you should still be working — at something!
But don’t believe what I tell you in general. Get a one-meeting session with a trusted FIDUCIARY FEE_ONLY financial planner at Wealthramp. You really need a much better financial plan for your future!
