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Can people aged 65 or older withdraw funds for any reason without a penalty?

April 26, 2017aged funds Older penalty people withdraw

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10 Posted

Can people aged 65 or older withdraw funds for any reason without a penalty?

2 Answers

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10 Posted

For those aged 65 or older, whether enrolled in Medicare or not, there is no penalty for withdrawing funds. As always, normal income taxes apply if the distribution is not used for unreimbursed medical expenses (expenses not covered by the medical plan).

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Posted

For those aged 65 or older, whether enrolled in Medicare or not, there is no penalty for withdrawing funds. As always, normal income taxes apply if the distribution is not used for medical expenses (expenses not covered by the medical plan).