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Need money from my IRA to buy a business

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M

marie_vi

Junior Member
What is the name of your state? California

I am needing to pull money out of my traditional IRA to purchase a business.
I am not 59 1/2 yet so there will be a penalty and taxes involved. I've heard about setting up a pension transfer trust plan to avoid all that. Does that really work and is that legal? Here is the link to the website that offers such a plan ... http://www.pensiontransfers.net/. I talked to some tax accountants and they know nothing about this. They said I should get advise from a tax attorney. Any response or advise would be very much appreciated.
 


S

seniorjudge

Senior Member
marie_vi said:
What is the name of your state? California

I am needing to pull money out of my traditional IRA to purchase a business.
I am not 59 1/2 yet so there will be a penalty and taxes involved. I've heard about setting up a pension transfer trust plan to avoid all that. Does that really work and is that legal? Here is the link to the website that offers such a plan ... http://www.pensiontransfers.net/. I talked to some tax accountants and they know nothing about this. They said I should get advise from a tax attorney. Any response or advise would be very much appreciated.
Click to expand...
This is very tricky and often doesn't work.

But another reason is that this dough will be gone and then you won't have anything when you retire.

Find alternative funding and protect your retirement funds.
 
M

marie_vi

Junior Member
Alternative funding for a business

I sure appreciate your wise response, seniorjudge. What kinds of alternative funding should I look into for a small business? I heard SBA loans take a long time to get and it's not easy to get one. You need to present a business plan besides have good credit, capital or assets, have experience, etc.
Any other types of funding out there more readily available?
Thank you for your input.
 
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