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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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  1. 10 September, 21:34
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    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.
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