Will I be charged a penalty if I close my Retire account?
Yes. If you have a Roth IRA, you may close your account and withdraw your funds at any time. However, if you have not yet reached 59 ½ years old, you may be subject to penalties and taxes by the IRS. This also applies to Retire accounts that have been open for less than five years.
If you have a traditional IRA, you can also take money out of the account at any time, but before age 59 ½ you may have to pay a 10% penalty to the Internal Revenue Service (IRS) in addition to income taxes. For most people, that rate is around 20% for federal taxes. So, you could essentially lose close to a third of the value of the money you pull out early.
We are not able to offer tax advice, so if you have further questions about the taxes and penalties related to closing an IRA, please consult a tax professional.
Q. How can I close my Stash Retire account?
You can close or withdraw funds from your Retire account in just a few simple steps. To initiate the process, contact support. First, you will need to sell any investments that you may have in your Retire account. This will make all funds in your account available to withdraw from your cash balance when we…
Q. What are fees for Stash Retire?
For Stash Retire accounts with average daily balances of less than $5,000.00 in the subject month, we will charge a fixed fee of $2.00 per month in advance. Investment advisory fees are not prorated for partial months. For Stash Retire accounts with average daily balances of greater than $5,000.00 in the subject month, we charge…
Q. What are the Stash fees for a custodial account?
For balances of $5,000 or less, your first custodial account will cost $1 per month and additional custodial accounts will cost half as much—$1 every two months. All custodial accounts with balances over $5,000 will cost 0.25% per year of assets. There are no add-on fees or commissions for a custodial account. It’s always free…
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