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Question

I'm getting ready to retire. I'm 59-1/2 years old. If I roll my retirement pension lump sum into a tax-deferred IRA, would I be able to use the generated interest for living expenses?

Submitted: 32 days and 22 hours ago.
Category: Finance
Value: $9
Status: CLOSED
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Optional Information

Country/State/Province of question: Texas, USA

Already Tried:
Want to retire in the next 2-3 months. Want to take my pension in a lump sum and invest it. Thought a tax-deferred IRA would be the way to go - but not sure. Also not sure if generated interest can be taken out of the IRA.

Accepted Answer

Yes, you could withdraw the interest or any amount that you wish from the IRA. You could establish a systematic withdrawal arrangement to take monthly or quarterly checks or you could take withdrawals as needed. Any amounts withdrawn would be subject to income taxes.

 

If you roll the funds to a self-directed IRA then you could invest in stocks, bonds, mutual funds, CDs, annuities, and other alternative instruments.

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Expert: Bill
Pos. Feedback: 100.0 %
Accepts: 
Answered: 10/20/2009

Financial Advisor

EA, QPA, CHFC, CEBS, CLU - 29 years experience providing financial advice

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