5 Year Withdrawal

L1: 5 Year WithdrawalI have a reasonable sized portfolio with numerous individual IRA’s. I’m 56 and plan on drawing about 160K for the next five years. Do I need to put this amount into just one of the IRA’s or do I need to withdraw portions from all of the IRA’s?2004-03-23 17:05, By: fisherman, IP: [206.215.104.206]
L2: 5 Year WithdrawalStart by going to the calculators, entering the amount of the IRA funds that you have and then calculating the SEPP distribution. If you require more, you may have to find other sources. If you require less, then you may want to start reading the FAQ, previous posts on the forum and perhaps Bill Stecker’s book.
Question, how did you arrive at the 160k figure? Not properly implemented, you won’t escape the 10% penalty.
2004-03-23 17:18, By: Gfw, IP: [172.16.1.70]

L2: 5 Year WithdrawalHello fisherman:
Right now, an annual distribution of $160k would require approximately $2,800,000 in the sum of your IRAs. If you have got it, go for it; if not, STOP; then use the calculators here to compute the maximum correct amount.
TheBadger
wjstecker@wiswpertel.net
2004-03-23 18:10, By: TheBadger, IP: [38.116.134.130]

L2: 5 Year WithdrawalLike GFW said, you need to buy Bill Stecker’s book by going to the home page of 727.net, and look in the upper right corner. $40 is a very cheap investment for what you are about to get into with the kind of money you are talking about. While you can use several different IRAs, you may be better served seeking a money management approach instead of individual accounts with differentretail mutual funds or Variable Annuities. This later approach will be a nightmare, and you won’t get the best ‘bank for the buck.’ With the money you are talking about you can get the same money management available to large pension plans.
Good luck.
Jim2004-03-25 09:14, By: Jim, IP: [68.1.147.61]