Return to Blog

Withdrawing Money from an IRA


I have an IRA which holds $100K and would like to withdraw some of it to buy a new home. But, I am also collecting Social Security and wish to understand the possible tax consequences of IRA withdrawals. How would my tax situation change?


Over the age of 59 1/2, withdrawals from IRAs are taxed at your standard income rate. If your only income is social security, your taxable rate could be low, as your Social Security is probably not taxed. If you have other sources of income (pension, etc.) then you would add your withdrawal to your total income and pay the Federal and State tax rate where your new income total falls. It is important to have taxes taken out when you do the withdrawal to prevent a surprise next April.  You can base your tax off the most recent IRS tax table here. You don't want to take out too little in taxes and then owe more money when you file your tax return.

An IRA withdrawal should not decrease your Social Security payments if you are under your full retirement age, only wages and salary income will do that, HOWEVER, it is likely that a part of your social security could become taxable. This is all very general information. To truly determine your taxed owed, if any, I suggest doing some tax planning with a Certified Public Accountant (CPA).

Have more questions? Email us at or use the Contact Us page.

On today's podcast, the team talks about the differences between active vs passive investing. There are two very passionate sides to this long-time debate in our industry. Which approach is best? #passiveinvesting #typesofinvesting

Our firm is growing rapidly, and we are excited to add new team members! For detailed job descriptions and to apply, visit the careers page on our website.

#hiring #jobopening #internship #hiringnow

We think you should fire you small cap mutual fund manager! Watch this video to learn why. #mutualfund #smallcap #invest #investing #investments

Money matters are emotional because our livelihoods, families, and dreams can be greatly impacted by our financial decisions. Read today's blog to see if your investment behavior may be costing you. #invest #investingbehavior #investment

The US Federal Reserve, concerned about a deep recession has manipulated interest rates to help create certain conditions, but with rising inflation, low rates will disappear. Does this mean stock values will too? #interest #interestrates #investing

125 Church Street NE
Carmichael Building, Suite 220
Marietta, Georgia 30060



Client Access

Firm Information