IRA and Critically Ill Spouse
my husband is critically ill at age 65. we are trying to get his affairs in order. i am 58. when he's gone am i able to use his ira or do i have to wait to a certain age. we are wanting me to purchase a home with that money.
Wendy: Your husband can make withdrawals at any point. But for YOU (after his death) -- IRA monies shouldn't be touched until age 59 l/2 or you'll pay both taxes AND a 10% penalty for early withdrawal.
Go directly to where the IRA is, your bank or credit union, and ASK QUESTIONS. Maybe you take a specific amount now, as a down payment... just enough to keep you under the next tax level, and more in a year or two? Let a professional help you... please!
At 58, you could easily live another 30 years. Don't take money now, in fear, that you might need later. Please ask questions first...
p.s. Also make sure you are beneficiary on all accounts. Sometimes someone opens an account years ago and never adds/changes the spouse.. unsure of your circumstances, but I've seen previous spouses get money because the beneficiary wasn't changed.
Wendy's other site... because Aging Matters!