The Best Way to Take IRA & Roth Withdrawals

Things You'll Need

Instructions

1

Determine how much money you need each month to supplement your other retirement income sources, such as Social Security and pension funds. Subtract your total income from your monthly expenses to determine the gap the IRAs will fund.
2

Choose the IRA from which you will take assets. Keep in mind the Roth IRA does not affect your gross annual income provided you have held the Roth IRA for at least five years and until age 59 1/2. A traditional IRA is added to gross annual income and can lead to taxation on your Social Security benefits if distributions are high enough.
3

Call the IRA custodian of the account from which you will take distributions. Ask for a distribution form and complete it for the required amount. Sign and submit the form to the IRA custodian to start receiving IRA distribution payments.
4

Start taking distributions out of your traditional IRA no later than April 1 in the year following the year you turn 70 1/2. Required minimum distributions (RMDs) must be taken from traditional IRAs every year starting at this age. Roth IRAs do not require RMDs because the money is after-tax, so the IRS is not concerned about collecting taxes of Roth IRA distributions.