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Withdrawal Pains

Harry Houdini was the famous magician who more than once performed marvelous escapes from inside locked safes. In a moment of candor, he privately admitted that it was easy to get out of a locked safe because safes were constructed to be hard to break into, not out of. The same might be said for IRA accounts.

Early and Late Withdrawals

While it is not particularly complicated to get money into the account, getting the money out of the account before the magical age of 59½ can present problems. Withdrawals from a traditional IRA before age 59½ can result in not just income taxes on the withdrawn amount, but also a 10% excise tax as well.


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