5 Things to Know About Withdrawing Money from a Traditional IRA
From the U.S. News & World Report website
Individual retirement accounts, commonly known as IRAs, are retirement fund staples for many people. Traditional IRAs let workers take a tax deduction when they deposit money into their account and then pay taxes when they make a withdrawal.
It sounds straightforward, but exactly when you withdraw that money can make a big difference in how much you end up paying the government in taxes and fees.
Here are five things you should know before pulling money from your traditional IRA:
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