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Subject:  Re: Brokerage Date:  7/14/2000  6:09 PM
Author:  bwhiteclu Number:  4508 of 20861

My dilemma is finding a broker that will let me set-up an IRA & make automatic redemptions every month for income purposes. What I am running into is that most services, Like Amex, do not have this feature, they want you to call them & then they will send you a check. This is very inconvenient to do every month. Can anyone recommend a service that they use which has flexibility with this?

Charles Schwab will send an ACH transfer to your bank account on the day you specify each month or each quarter, or on demand. I imagine most online brokers will do this although I have not checked.

Of course you would have cash or MM Funds in the account for them to draw from. They will not make a decision for you as to which investment to liquidate if you are fully invested. Most people would put one year's withdrawals in a MM Fund and then replenish it once a year.

Alternatively, you could move everything to a single Mutual Fund account and sign up for a systematic withdrawal with the fund company and they would do the same thing.

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