Can I transfer money from my IRA to my checking account? | Ep.71
Georgia Safe Retirement Planners · Georgia Safe Retirement Planners
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Show Notes
In this episode, we dive into a question many people have: Can I transfer money from my IRA to my checking account? The answer is yes—but with some crucial tax and penalty considerations. We break down what you need to know before moving money from your IRA, whether it’s a Traditional or Roth IRA.
If you're under 59½ and have a traditional IRA, withdrawals may come with a 10% early withdrawal penalty in addition to regular income taxes. After reaching 59½, you can access your funds penalty-free, but they’re still subject to income tax. Roth IRAs offer a different set of rules—qualified withdrawals are tax-free as long as your account has been open for at least five years and other conditions are met.
To help you estimate any taxes or penalties before taking a step, we recommend trying our Retirement Taxes and Penalties Calculator. Join us as we explain how these rules impact your retirement planning and provide tips for making informed financial decisions.