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Dad is 66 1/2 and has his money in a bank IRA that matures Dec 13. He knows he has to start withdrawing money from it at age 70 1/2. He is happy with his bank IRA and adamant that he wants to keep his IRA with the bank. He could get a higher yield if he renewed his money for 5 years, but he knows that in 3 1/2 years he has to start withdrawing. If he stays with the bank, must he set his IRA up for only 3 1/2 years (getting less interest than the 5 year rate) or is there some alternative for him? Thanks for any advice.
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