We have a need to take some money from the IRA account but found that it may end the 72t payments. Is this always true?
You have an IRA account that you are getting a 72t payment.Can you take an IRA disbursement without canceling?
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andy
March 19, 2010 at 11:39 pm
I am not sure what a 72t payment is, but you can not legally take money out of an IRA without major penalties until you are 59 1/2 years old. Also, most retirement funds are protected in bankruptcies so if you are bad enough that you want to raid your retirement, I would think about filing for bankruptcy.
Ruby
March 20, 2010 at 12:11 am
If you modify your payment method once it begins, the 10% penalty, plus interest, will be applied retroactively beginning with the first year of distribution. Therefore, you cannot take more than the scheduled yearly amount without a huge penalty.