IRA and Critically Ill Spouse

by barb
(ga)

my husband is critically ill at age 65. we are trying to get his affairs in order. i am 58. when he's gone am i able to use his ira or do i have to wait to a certain age. we are wanting me to purchase a home with that money.

Wendy: Your husband can make withdrawals at any point. But for YOU (after his death) -- IRA monies shouldn't be touched until age 59 l/2 or you'll pay both taxes AND a 10% penalty for early withdrawal.

Go directly to where the IRA is, your bank or credit union, and ASK QUESTIONS. Maybe you take a specific amount now, as a down payment... just enough to keep you under the next tax level, and more in a year or two? Let a professional help you... please!

At 58, you could easily live another 30 years. Don't take money now, in fear, that you might need later. Please ask questions first...

p.s. Also make sure you are beneficiary on all accounts. Sometimes someone opens an account years ago and never adds/changes the spouse.. unsure of your circumstances, but I've seen previous spouses get money because the beneficiary wasn't changed.

Best Wishes!

Comments for IRA and Critically Ill Spouse

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response
by: Anonymous

thank you!
will do
IRA withdrawal
by: Anonymous

There are rules that will let you take money before 59 1/2 without penalty. Basically you start taking an equal amount each year. Try this IRS publication: http://www.irs.gov/publications/p590/
Individual Retirement Arrangements (IRAs)

This can be a complicated area so I would get advice from a CPA that practices in this area. It is rather easy to make mistakes that can not be fixed.
PLEASE FOLLOW A TWIN LINE OF ACTION ....
by: Retd. Prof. Mr. Durgesh Kumar Srivastava, New Delhi, India

Dear Friend,

All of us at retirement-online are worried and concerned to read about your difficulties. Years ago, my brother-in-law died in an accident, leaving a wife (my sister) and three children all studying in different standards. On my advice, my sister engaged a competent lawyer who attended to and found a solution to all the complex financial and legal problems left unsolved by her late husband. The lawyer was result oriented and my sister only signed the papers and he got everything sorted out efficiently. His fees proved to be quite reasonable. You can do likewise. the lawyer must be a local man who specializes in handling bank/property/succession cases. Settle a lump sum fee, paying a portion in advance and the balance after the work is done.

I suggest an additional and simultaneous line of action. There has been, in recent years, a lot of advance in medical science. You should get the best medical attention for your ailing husband. May be some alternative therapy cures his ailment. In medical matters, it is always advisable to take a second, and even a third opinion. The younger brother of a neighbor was crushed by a truck many years ago. There were lots of injuries, including a head injury. There were dozens of fracture too. The accident had occurred in a rural area far from the city. A local doctor had given first aid, anti tetanus injection, fixed a glucose saline drip, put the man in an ambulance and brought him to New Delhi, the journey taking 5 hours. It was a hope less case. The man survived. One must never give up hope. May God be with you in this crisis.
ira contined
by: barb

i have my own ira. i was told that if the spouse passed one of the ways you could use HIS money was to purchase a home.

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