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

Mathematics

Ingrid Warren

10 September, 18:14

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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Ishaan Fernandez · 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.