Greetings, Sheila6281, and welcome to Fooldom.<<WE (WIFE/HUSBAND) HAVE A DEFINED BENEFIT PENSION THAT WE DON'T WANT TO FUND ANYMORE. I AM 56, WIFE 52. THE FUND HAS ABOUT ONE MILLION IN IT. MY CPA SAYS TO ROLL IT INTO OUR EXISTING IRAS, AND START WITHDRAWING WHEN I AM 591/2 (IF WE NEED IT) IS THERE ANY TAX CONSEQUENCE WHEN ROLLING THE DEFINED PENSION INTO AN EXISTING IRA? MY CPA SAYS NO. THANKS FOR YOUR OPINION.>>Ouch........ Have we done something to offend you? I doubt you're aware, but typing in all caps is the online equivalent of shouting and is normally considered a very rude thing to do. Please be so kind as to turn off your caps key in the future, Not only will you avoid offense, you will make your missive much easier to read.As to your question, your CPA is correct. You may transfer your retirement proceeds to an IRA and avoid all current taxation. He is also correct in saying you can begin taking money from the IRA without penalty on reaching age 59 1/2.Before you just stop funding the plan, though, have you checked this all out with the plan administrator and your tax lawyer? If you have employees, you just can't "stop" it. There are various legal hoops you have to jump through and agencies such as the DOL, PBGC and IRS you have to satisfy first. If you have a true tax-qualified defined benefit plan, I would be very careful here. You could inadvertantly put yourself in very deep kimchi very quickly.Regards......Pixy
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