Unlocking the Legalese: How AI Legalese Decoder Can Help Navigate Roth IRA Disbursements in Times of Uncertainty
- June 7, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Request for Advice: Cashing out Roth IRA
I have recently been diagnosed with a sarcoma that has unfortunately spread throughout my body, and the prognosis is terminal. I am a 35-year-old individual who is single with no children, and I am fortunate to have financially stable parents. Given my limited time left, I am considering cashing out my $90,000 Roth IRA to live out my remaining days to the fullest and share some of the funds with friends.
The question I have is whether I am able to access the entire amount from my Roth IRA without penalties, as I would like to make the most of the time I have left. Is there a way for me to do this legally and efficiently?
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Very sorry to hear that. You can definitely withdraw from your IRA, and as of 2023, if your doctor certifies that you have a terminal illness then the 10% early withdrawal penalty can be waived.
https://www.mercer.com/insights/law-and-policy/irs-gives-guidance-on-secure-2-0-s-terminal-illness-distribution/
Man, i think way too much about my future and possibilities, and get stunlocked for years to try to figure out my path, but these posts remind me things can just end up like this for anyone. I should appreciate things as they are more than i do.
Hope you get it all and have the best of times with your family and friends in whats left.
I mean, youll solidly get away with it even if you aren’t allowed
Pull it all and go do something absolutely amazing. Buy a $1000 meal. Skydive. Get front row seats to a show. Rent a corvette and drive along Highway 1. Feel all the joy you can and know reddit is rooting you on.
Just hoping your last days on this earth are full of peace and happiness.
I mean, even if they were to penalize you with 50%, it’s a lot better to have $45k available right here, right now, than $90k in the bank.
Honestly, lease a car, get a stack of credit cards, take out a second and third mortgage if you have nobody who really needs that inheritance. Travel the world on first class (bring a friend), have Krug for breakfast, see C-beams glitter in the dark near the Tannhäuser Gate. Your time is now. You have a few months to experience a lifetime.
Yes you can pull that shit out a doctor will sign off for terminal illness distribution
Sorry about your circumstances I hope you live it up with that cash baby
It’s not too late to leave a big impact on other peoples’ lives
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It’s not financial advice, but thanks for spending time with us, OP. I hope you’re as comfortable as you can be during the time you have left. Have a blast!
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Who is going to stop you? By the time they react you’ll be gone (if what you’re telling us is true)
100% You may need to have your doctor write a small note indicating your terminal diagnoses to avoid the fees, but otherwise, you’re good!
And you deserve to enjoy every last penny of that fund.
Incredibly sorry to hear of your illness, but very happy you seem to be open to living out the rest of your life in complete happiness & without care.
I want to wish you only positivity moving forward, and I truly wish you the best of times in the coming weeks my friend 💪✌️
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Live it up, spend it, run up your credit cards, get some more credit cards, yes you can disburse all of it
Very sorry for your situation. When you withdraw ensure you elect *not* to have taxes withheld.
People are speaking to the terminal illness exception – but I wouldn’t bother spending time on that until next April. If a miracle has occured – great. If not, it won’t matter anyway.
Tangentially (and if your comfortable answering), what signs did you ignore so others maybe don’t do the same down the road?
Sounds like you have a great plan. Wish you the best in your closing days.
As a doc, please make sure you have your advanced wishes documented. I STRONGLY suggest meeting with your hospice/palliative care team in advance, so much nicer to have full plans in place before they are needed.
Best wishes from an anonymous internet dude.
https://www.irs.gov/publications/p590b#en_US_2023_publink1000116609
> Distributions to terminally ill individuals.
> You may be able to take a distribution from a qualified retirement plan before reaching age 59½ and not have to pay the 10% additional tax on early distributions if you receive the distribution on or after the date you have received a certification by a physician that you are terminally ill.
> Terminally ill.
> You are considered terminally ill if you are certified by a physician as having an illness or physical condition which can reasonably be expected to result in death in 84 months or less after the date of the certification.
> Certification of terminal illness.
> A certification of terminal illness must include the following:
> A statement that the individual’s illness or physical condition can be reasonably expected to result in death in 84 months or less after the date of certification.
> A narrative description of the evidence that was used to support the statement of illness or physical condition.
> It must include the name and contact information of the physician making the statement.
> The statement must include the date the physician examined the individual or reviewed the evidence provided by the individual, and the date that the physician signed the certification.
> The statement must include the signature of the physician making the statement, and an attestation from the physician that, by signing the form, the physician confirms that the physician composed the narrative description based on the physician’s examination of the individual or the physician’s review of the evidence provided by the individual.
stage 4 cancer fighter here. every time i walk into my oncologists office i prepare myself to hear this news. live it up, boss.
Seize the day, put very little trust in tomorrow.
I’m so very sorry. Sending many virtual hugs to you
Just live large of credit cards. The debt won’t carry over to anyone!!!!
Make sure no other names are in the cards/accounts.
Make sure you have a will so someone other then the state gets ti keep all your stuff
Hey op idk if you will see this but I really hope you can live to the fullest with what time you have left.
You have months to live. You can do anything you want. The story ends soon. Spend what you want and enjoy it.
I’m so sorry OP. I hope you live it up, and do everything that makes you happy!
100% Have a ball, take that trip, eat the dessert, make some memories with friends and family!
Please apply for as many credit cards as possible and take out as much cash as you can.
In case you need hospice or any caregivers at the end, maybe check the cost and set aside that money. And then yes, definitely go check off your bucket list and make a bunch of memories with the rest of it.
I hope your remaining days are full of joy and peace.
You should be able to take out the full amount with no penalty as it’s a disability. As long as you’ve had the Roth ira for 5 years plus
That being said I’d just take the money out and enjoy life my dude. Regardless of penalties or not
If I were you I’d get a couple credit cards, a few loans, and live like crazy man, truly live it up. Godspeed
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I am sorry to hear that but I wish you all the best. Hope you go out with a loud bang and have the most amazing fun time you can possibly have. May your wildest dreams come true. Godspeed.
Do you have any stuff of value you want to pass on when you die? If not, you can take out quite a lot of debt and simply die with it. The creditors can force the sale of your assets to recoup their costs, but if you have nothing to pass on anyways you can just die and the creditors get screwed.
I have no advice, but wishing you the best final weeks/months of your life. Enjoy it friend!
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Yeah, cash out the whole thing,
They will threaten you to pay taxes on early withdraw.
Ignore the threats, don’t pay a dime, and live it up.
Take a trip to China, Taiwan, Japan, don’t limit yourself to 1 country.
Good luck man.
You *can* do it — what’s the worst the IRS can do, tax you after you’re gone? I think that it’s a little more tricky with 401ks because you’d need to find a way to access the money without getting the taxes and penalty automatically deducted (I think that there are a few exceptions for even 401ks though). But with Roth IRAs, you can always take your contributions, but not the earnings and interest on them, but then your bank often will not actually stop you from taking it all.
Yes, you can. I’m not sure what you need but basically you’re terminal, you can withdraw the entire amount.
I’m from St. John’s. Enjoy your time. The ECT is so beautiful and peaceful, and there’s so much to do in and around town. Lmk if you need any recs.