Kathryn B. Hauer, CERTIFIED FINANCIAL PLANNER (TM)
Hi! Wow – what savings discipline you have! I am impressed. An IRA is different from a pension plan in that your IRA “retirement” money will equal just the amount that you put in plus whatever your portfolio yields - as opposed to a work pension where a company you have worked for commits to paying you a certain amount for the rest of your life after you retire. So you don’t really get “benefits” like you would with a pension. You get your own money back, and, because you put tax-deferred money in, you need to pay tax on the amount you withdraw. The rules for an IRA are that you can begin to withdraw your money without penalty after you have reached age 59 ½. However, you don’t HAVE to start withdrawing the money until after you are 70 1/2 (see more info here). There is so much information about IRAs that I can’t really cover it here in this short answer format. You can get more good information at this IRS site - or this Nerdwallet article.
I hope this answer helps! If not, please write back with more details. Best wishes to you and thanks for writing!
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