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Anyone ever withdrawn money from a Simple IRA?
Posted on 5/10/14 at 7:35 am
Posted on 5/10/14 at 7:35 am
Just looking for the best way to do this and minimize any penalties/fees, etc.
TIA
TIA
2
Posted on 5/10/14 at 7:56 am to saltybulldog
How long has the account been open? Are you 59 1/2? What is it invested in? are you closing the account?
Posted on 5/10/14 at 10:08 am to Breadcrumbs
About 7 years. Mid 30s. Just looking to take some cash to invest in a personal business venture.
Posted on 5/10/14 at 2:46 pm to saltybulldog
Taxes + 10% penalty early withdrawal + account close out fee perhaps + potential investment expense like a surrender charge or back end sales load.
25% penalty early withdrawal if account was less than a couple years old.
25% penalty early withdrawal if account was less than a couple years old.
Posted on 5/10/14 at 5:04 pm to saltybulldog
If you can get one, you're much better off taking out a loan. You get destroyed in taxes and fees.
Posted on 5/11/14 at 10:23 am to Breadcrumbs
Breadcrumbs is right. I have a Simple and it's 25% if taken out in 2 years. After that 10% plus taxes before 59.5.
Posted on 5/12/14 at 5:50 am to saltybulldog
My guess is that you don't qualify for any of these, but just in case, there are a few other ways to avoid the penalty (ie first time homebuyer, disability, etc.) LINK
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