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I agree with Watty56! WHY would anyone want to yank all their money out of their IRA -- unless they were desperate?

IF you are older than 59-1/2, a lot depends on your total income when you figure taxes on withdrawals.

I love my IRA. I buy and sell stocks within it, and Fidelity only charges me $7.95 commission on each sale or purchase, and there is NO TAX of any kind as long as it stays in there! If I were smart (or lucky) enough to make a million dollars in that IRA, I'd pay ZERO taxes until or unless I withdrew it.

There are NO fees charged for withdrawing money from my IRA because I am older than 59-1/2. If or when I pull some money out (as I do now and then, and have it moved overnight into my checking account), I may or may not pay any taxes on it at the end of the year, depending on my overall income!

I can tell you that last year I took more than $10,000 out of there, because of some unusual expenses, had NO taxes withheld when I did so, and we ended up paying only about $130 federal tax and $35 state taxes total for the year for both of us! Sure beats capital gains taxes on money I might have been investing OUTSIDE of the IRA!

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