portfolios

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portfolios

Postby mdb1958 » Thu Jan 15, 2015 3:28 am

Any nerds work in the make your money make money industry? If so, I got a question! How long do you have to leave a roth ira in before you can cash it out?

And what are the usual fees for doing so. If wary you can start post by saying no nerd here but ~~~
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Re: portfolios

Postby Heisenberg » Thu Jan 15, 2015 10:27 am

Yes
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Re: portfolios

Postby NYBF » Thu Jan 15, 2015 11:48 am

You've got to be 59 1/2 and it's at least 5 years since you began contributing before any withdrawals are penalty free. There are a couple qualifying reasons that let you withdraw early without penalty like a first time home purchase or certain medical expenses. The penalty on Roth withdrawals is on the earnings, but I forget what the penalty is.
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Re: portfolios

Postby Mountaineer Buc » Thu Jan 15, 2015 11:55 am

NYBF wrote:You've got to be 59 1/2 and it's at least 5 years since you began contributing before any withdrawals are penalty free. There are a couple qualifying reasons that let you withdraw early without penalty like a first time home purchase or certain medical expenses. The penalty on Roth withdrawals is on the earnings, but I forget what the penalty is.

I want to say its 10%.

This is why you don't give your money to someone else for the promise of a piece of paper at says your money is now more money. fuckin scam.
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Re: portfolios

Postby Wild Social Worker » Thu Jan 15, 2015 2:13 pm

Like NY stated, you have to be 59 1/2 and have had your Roth IRA for 5 years or longer. You can withdraw before 59 1/2, if you have had the Roth IRA 5 years or longer and you are taking the distribution because you are disabled.

The penalty set by the IRS for early withdrawals, is 10%. However, any withdrawal fees (outside of those penalties set by the IRS) would vary among companies.




I haven't worked in finances in a couple of years. But, I am pretty the above information is still accurate.
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Re: portfolios

Postby mdb1958 » Thu Jan 15, 2015 5:54 pm

Thanks people, I kinda remembered something about 5 years.
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Re: portfolios

Postby mdb1958 » Thu Jan 15, 2015 6:01 pm

Mountaineer Buc wrote:
NYBF wrote:You've got to be 59 1/2 and it's at least 5 years since you began contributing before any withdrawals are penalty free. There are a couple qualifying reasons that let you withdraw early without penalty like a first time home purchase or certain medical expenses. The penalty on Roth withdrawals is on the earnings, but I forget what the penalty is.

I want to say its 10%.

This is why you don't give your money to someone else for the promise of a piece of paper at says your money is now more money. fuckin scam.


No not really, its working out quite well. Everybody freaked when the bottom fell out, started changing things, reallocating and all that stuff. That guaranteed their loss. I just kept plugging away with just 2%. I wish I would have done more. My advice do Roth, you can get it all and not pay taxes on it.
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Re: portfolios

Postby Wild Social Worker » Thu Jan 15, 2015 9:48 pm

mdb1958 wrote:No not really, its working out quite well. Everybody freaked when the bottom fell out, started changing things, reallocating and all that stuff. That guaranteed their loss. I just kept plugging away with just 2%. I wish I would have done more. My advice do Roth, you can get it all and not pay taxes on it.


Actually, any deposits into a Roth IRA are "after tax contributions." This means you have already paid the taxes on that money.
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