I am 72 yo and retired. When I was younger and working in NYC in a company that had a retirement savings plan, I was encouraged to save money with pre-tax income. The reasoning was that when I retire and withdraw the money the taxes would be much lower. Now I am planning to buy a co-op apartment and would need to withdraw a considerable amount of money from my IRA, but the taxes I would need to pay are so high, probably higher than when I originally deposited the money. I don't see the point of pre-tax savings since now I feel I can't really use the money without a stiff penalty.
Is there any way to avoid paying these high taxes now that I am retired and need the money?
