Your Individual Retirement Account can be part of the foundation of a financially secure retirement.
Over the course of your working career, you may receive several lump sum distributions, how you handle the distributions is important.
Here are some general rules on how funds coming out of IRA accounts are treated for income tax purposes. This discussion only applies to regular IRAs since Roth IRAs are treated very differently.
If you have a 401(k) plan, you may be able to become a lender and borrower, but you should proceed with caution.
If your retirement plan includes money you can draw from your home, falling prices can dramatically impact your retirement.
The information provided is not intended to be legal, tax, or financial advice or recommendations for any specific individual, business, or circumstance. TowneBank cannot guarantee that it is accurate, up to date, or appropriate for your situation. Financial calculators are provided for illustrative purposes only. You are encouraged to consult with a qualified attorney or financial advisor to understand how the law applies to your particular circumstances or for financial information specific to your personal or business situation.
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