Bobby just turned 56 and has retirement savings in an IRA. How many years will he have to wait to be able to withdraw money without penalty?

Question

Parker Collins

Mathematics

30 January, 15:55

Bobby just turned 56 and has retirement savings in an IRA. How many years will he have to wait to be able to withdraw money without penalty?

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Answers (1)

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Fury · Answer 1

The minimum age to withdraw from an IRA without penalty is 59 1/2. Subtract Bobby's age from this required age.

59 1/2 - 56 = 3 1/2

Bobby will have to wait 3 and a half years to withdraw without incurring penalties.