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…
we've already answered.
Now That’s What I Call an Investment! ETFs Explained
You may have heard that Exchange-Traded Funds are a great first investment. But what's an ETF? We use a helpful analogy to break it down
Saving vs. Investing: What’s the Difference?
Stay up to date on Retirement and learn something new each week.