Comments on: Unlock Your IRA: How to Cash Out an IRA Without Penalty

By: Laura

Laura — Mon, 17 Oct 2011 04:13:42 +0000

and you get the benefit of being with your parents and knowing them. The nuclear family did not really begin until way after WW2. Before that, it was a very common practice for different generations of families to live together. I think it’s great! My parents live in Fl. I live in the Great North Woods. I get to see them about once every 2 yrs. It sucks! They’re in their 70′s and won’t be around much longer.

By: Laura

Laura — Mon, 17 Oct 2011 04:07:12 +0000

What if my spouse becomes disabled? Will this qualify? In Wisconsin we have laws that make the IRA mine too. We need to take money out but everything I read says if “you” become permanately disabled. I am, but my husband whose name the sarsep is in, is not.

By: Eric

Eric — Sat, 24 Sep 2011 02:20:55 +0000

Parent died, I want to cash out the traditional Ira he had. Any loop holes as a benefiary? What do I expect if I take this money in the form of what i would have to pay in taxes?

By: Blob

Blob — Fri, 23 Sep 2011 21:46:01 +0000

I want to cash my IRA out also. But I think Andrew may be right. My IRA is only worth 4k, but I may get a job soon ?? maybe not. This stock market is scary right now. I will run out of cash in 2 months and lose my place. Undecided still…

By: Blob

Blob — Fri, 23 Sep 2011 21:40:40 +0000

Good looking out toots

By: Andrew

Andrew — Thu, 28 Oct 2010 18:02:35 +0000

This would be a question for a lawyer, not an internet forum, but you might be better off just waiting the seven months. Banks are notoriously slow to foreclose these days. Alternatively, you might be able to borrow against the IRA. If you do have to withdraw, just withdraw enough each month to pay the the mortgage and leave the rest in there. Finally, if you’re under water on your loan, and you live in a non-recourse state such as California (again, check with a lawyer), just walk away.

By: Just broke

Just broke — Thu, 28 Oct 2010 01:03:48 +0000

Would needing the money to save my home be considered a hardship?
I hold a IRA Annuity and it has matured, but the withdrawl window is 7 months out.

By: Andrew

Andrew — Sun, 28 Mar 2010 21:27:48 +0000

Why would you do that? Why not just take distributions from it? That being said, you should address tax questions to an accountant or tax expert, not the internet.

By: Anonymous

Anonymous — Sat, 27 Mar 2010 18:03:12 +0000

What would it cost in taxes to take your IRA and deposit it in your savings account. Is it 10% of what your total IRA balance. we are in our 70′s. Thanks

By: Martha

Martha — Thu, 25 Mar 2010 18:03:20 +0000

I also would like to cash our my IRA to pay off bills. I am unemployed and am having a hard time.

By: Jolie

Jolie — Tue, 09 Mar 2010 21:21:26 +0000

Cash my IRA to pay my bills, when come to tax time for 2010 and will get all back in the form of return fund.

By: aua868s

aua868s — Sun, 07 Mar 2010 20:59:17 +0000

good point….thats emotional side rather than a superficial conclusion.

By: Andrew

Andrew — Sun, 07 Mar 2010 18:31:27 +0000

I never said adults who live with their parents have FINANCIAL problems.

By: Toots

Toots — Sat, 06 Mar 2010 20:13:26 +0000

I must comment to poor Dilbert who seems to like giving “cheap shots” behind the internet. Ah yes, poor Dilbert actually “believes” that somehow living with parents implies a person has “problems”. Ah what a poor misguided (and inexperienced) soul he must be.

Let me give him a clue…on behalf of adults living with parents. I’m single and have been living with my parents for 25+ years. I have an excellent job (six figure income) and have been with the same Corporation for 30 years. I’ve also had the fabulous ‘rare’ opportunity to save a lot of money and have made a small fortune doing so …in spite of the economy. I’ve also been able to “give generously” to many charities and financially help my parents and immediate family members in ways that would never have been possible otherwise. Life is very good and I know I’m extremely fortunate.

Thanks to my patience, I can pay “cash” (if I choose to) for a really nice “trophy” house – not to mention I’m completely debt free and “set” for life financially.

Dilbert ..you’re right though…I DO have my problems…..my problem is ‘what to do’ with all the money that I’ve saved and how to spend it!! Oh well…such are the problems of an adult who lives with parents.

By: WantIra

WantIra — Sun, 06 Sep 2009 18:29:39 +0000

Lord said on
Tuesday – 08/18 at 4:57 pm

“But you can’t withdraw principal separate from interest as the balance must be prorated and you can’t do it before 59 1/2 without one of these.”

Can you elaborate that?
If I have got a ROTH IRA, I know the principal amount that went in. What is the catch you are mentioning about interest that is tied to the principal?