Traditional IRA Required Withdrawals At 72

Preschooler | Mar 17, 2023 | 10 posts since 2016

Are there any other financial institutions that allow you to deduct required withdrawals from a traditional IRA certificate of Deposit besides Penfed?

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Answers

weiss800 | Mar 17, 2023 | 32 posts since 2014

Have never had a problem taking money out for RMD with any CD.

MY2CENTSWORTH | Mar 17, 2023 | 436 posts since 2016

All of the FI's I have accounts at will allow RMD's from the Traditional IRA within a certificate without penalty. In my experience, some of the FI's require that you only take the equivalent percentage associated with the amount on deposit with them and not the entire annual RMD from only their certificate. If you have other Traditional IRA's elsewhere requiring that a larger annual RMD some FI's will allow an RMD without any restrictions. I've actually set up some certificates to mature every year so I'll be able to make the normal RMD from the proceeds at maturity and then if I don't need the cash, re-invest it in a non-qualified certificate, IBond, etc.. I hope that makes sense and helps your understanding of the process.

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