Retirement
Hello Terry,
I have a small amount in my IRA. Can you please advise if I can move it or withdraw without taxes or penalties at my age 64 will be 65 in Sept.
Terry Says
There is no penalty for withdrawals after age 59-1/2, but you will pay ordinary income taxes on the amount withdrawn. That will be added to your income for 2022- and if it is enough money it could put you in a higher tax bracket, and even cause you to pay more for your Medicare Part B premiums next year. Consult your accountant re the tax implications. And you might want to withdraw half this year, and half next — unless you absolutely need the money now.
