i will be 70 years old this year and do have an ira when must i draw money from it??
117723
You can choose to roll it over for another 12 or 24 months. I believe the interest rates are better this year too, or you can draw it out. I don't think at your age there is any penalty.
362002
You need to choose a custodian for your IRA, and request the employer to have the lump sum transferred to that custodian.  This will take some planning, filling out forms, etc. Check with HR, and of course with other recent retirees.\n\nIf you plan to retire 2 years or so in the future, just file the info away for future reference.  But a layoff could hit sooner, so it's good to be prepared!
28144
Does your employer have a 401k?  Make sure to contribute enough into it that you are getting the full match.  Then start a Roth IRA.
284469
You don't need to pay tax when you redraw from Roth IRA when retired. Traditional IRA only let you defer taxes.
322315
You must make sure you qualify for a Roth IRA.  If you are single and make more than 110,000 or if you are married filing jointly you cannot exceed 160,000, married filing separate 100,000.  As long as you do not exceed these income limits you can establish a Roth IRA.  All you have to do is contact your financial institution and ask for the conversion paperwork.  You can convert as much as you want.  You don't have to do it all at once!  That way you don't have to jump too many tax brackets.  Any amount you convert will be taxed as income for you in that year.  You have until April 15th of each year to have it count towards the current tax year.
675447
Each company has their own policy.  Some may allow withdrawls starting at age 55 (reduced benefits).  Generally, the only way you'll receive a lump sum is if the company had a policy such that if the net value was below some threshold (depends on the company), they would pay it out as a retirement distribution.  You would then have to put it in an IRA of some sort and cash it out early paying the appropriate penalty.  You'll need to contact the benefits dept of your former company and ask their policy.
331522
There's no way to really answer this without more information.  It depends on what type of pension plan you have, and more importantly, how old you are.  If you are 59 1/2 and it's your own 401k/IRA type plan it's possible you can.  If it's a company provided plan, you'll probably have to take it as a monthly income.  Consult a specialist in your area.
195894
Even for early retirement IRA's can be useful. Rule 72T allows for withdrawals from IRA's before age 59 1/2 without the 10% penalty if withdrawals are substantially equal and based on the life expectancy of the account holder.\n\nAlternatively, a Variable Universal Life policy can be overfunded. The invested value will grow tax deferred and can be withdrawn at any time, for any reason. When withdrawals are structured properly, they are tax free. This option is ONLY worthwhile if there is also a need for life insurance coverage.
736781
You can ALWAYS take your own contributions out of a Roth IRA, as you say, they are after tax earnings and the IRS doesn't care.\n\nThey do care about the earnings however.  If you take the earnings out under age 59 1/2, regardless if you meet the 5 year rule or not, you pay taxes and a 10% IRS penalty (unless you meet an exception).  The only exceptions to this rule are if you meet the 5 year rule & are disabled, dead, qualify for a first time home purchase, are taking 72(t) distributions, have qualifying medical expenses, using the money for college, you're paying medical insurance after losing your job or if the IRS is penalizing your IRA.\n\ncheck out page 60 of IRS Publication 590 (see the link) for all the information you could ever want to know about Individual Retirement Arrangements!  Have Fun!!!
270583
Start young, no later than eighteen.  Invest in a mutual fund- Washington Mutual has some nice ones- 100$ per month.  When you can afford it put in more.  Then, open a Roth IRA and max the contributions (currently $4000 per year)- trade a little stock (no more than 30% of you total investments).  You'll easily get to a million by the time you are 60.
505836
On January 1, you can make your 2007 Roth IRA contributions The latest this can be done is actually April 15, 2008, but early contribution allows an extra 14 months of tax-free growth.
596907
Do things in the following order:\n\nMake sure you have an emergency fund that you can access equivalent to 3 months of expenses (not 3 months of income).\n\nPay off high-interest debt (if you have any).\n\nThen, if you have money that you won't need for a long time, you can take the following steps:\n\nIf your company offers a 401(k) with matching funds, participate in it up to the full matching amount (free money is good).  Put half into a total stock market index and half into an international index.\n\nFully fund your Roth IRA.  Use the same asset allocation as for your 401(k).\n\nIf that doesn't max out your savings, go back to the 401(k) and contribute up to the limit.
998314
Ahhh, the million dollar question for Roth accounts...\n\nAnd the answer is - it depends (sorry). Unfortunately, you need a crystal ball for this one. Your decision will likely come down to what you believe the future holds. You need to consider several factors, but you basically have two courses of action to take. \n\n1) Take the sure thing - Invest in a Roth IRA, paying tax upon the contributions at your current income tax bracket, enjoy tax-free compounding of interest, and tax-free withdrawals of contributions and earnings through a qualified distribution (usually at retirement).  Be careful, though...even if you are 90 years-old, your money must be in the Roth account for at least 5-years before qualifying for a tax- and penalty-free withdrawal. There are other benefits to having a Roth account versus a traditional IRA, such as the ability to get to your money without penalty for qualified reasons, such as needing to get to the money in order to purchase your first home.  Contributions to Roth IRA's are subject to certain AGI limitations, so check with the IRS or a competent accountant first.\n\n2) Let it Ride - Invest in a traditional IRA and enjoy a tax deduction today and tax-free compounding of interest until you are able to take a qualified distribution (usually at retirement) at which time you will pay taxes on the principal and earnings at your future income tax rate.\n\nSo, look into your crystal ball...\n\nDo you believe that you will be in a higher tax bracket at retirement age than you are right now?  If so, the Roth IRA option may be the right choice for you as you will likely pay less in tax today than you would 35 years from now. Likewise, if you believe you will be in a lower tax bracket in retirement, it makes more sense to simply contribute to a traditional IRA, enjoy your tax deduction today, tax deferral on earnings over the years, and pay the piper upon retirement.\n\nThere are several wild cards to consider in this scenario, not the least of which is the possibility that tax brackets change. If you want my honest opinion, I think it is naive to assume that the historically low tax brackets we enjoy today will be around in 30 years. I am 31 years old and, without getting political, just look at the current landscape of our country and its budget deficits. The cost of wars, strains on social security from aging baby boomers, etc, leads me to believe that the government is mortgaging our nation's current problems and our generation will likely have to pay for it. And how will we pay for it? Higher taxes. All things being equal - if you have more than 15 years until retirement, I would opt for the Roth IRA.
71891
The question is would you need to start withdrawing from the 403b when you retire in a few years? While contributing to the 403b would allow you to defer taxes on the income now, you wouldn't have very long to let those savings compound and you wouldn't want to allocate your assets within the 403b very aggresively unless you are able to let the funds sit for several years after retirement.\n\nRemember, also, that you would incur penalties on any withdrawals prior to age 59 1/2 from your 403b. Additionally, many 403b programs use  Tax Sheltered Annuities as the investment chassis. These annuities may have surrender charges assessed on withdrawals during the first several years after investing. \n\nIf you do decide to go ahead with the 403b, make sure you read the prospectus and all related info, especially in regards to withdrawal charges.
65352
You can usually draw out up to 50% but you have to pay it back like a loan (monthly payments) to yourself with whatever interest rate your 401k has in place usually around 8-12%.\n whatever you draw out to keep before retirment age you will be hit with penalties.\n Get ahold of your 401k people for details on rates and withdrawl policies.
578488
The formula is 1/R * ((1+R)^n - 1)\n\nThere is a link to a table.\n\nA ROTH IRA is pretty easy because your Future money is tax free.
105394
IRA may not help to eliminate all the taxes. you can contribute only 4500(50+ age) towards IRA. Plus, after the age of 70 you cannot contribute towards IRA. Although there may be other optionsI do not see one