@tftoolan wrote:
Hey,
Thanks for responding so quickly. I am 58 and plan to retire in about 5 years.
I was hoping to wait to withdraw the funds until after I retired and my tax bracket decreased significantly.
I appreciate your reply.
Tom
If you declare retirement with social security at age 62, your benefit will be significantly reduced compared to waiting for your full retirement age, which is around age 67. If you stop working, and use the IRA withdrawals to provide equivalent income, you may be able to delay taking social security and get a higher benefit. It would be worth discussing with a financial planner.
