Withdrawal money from Voya
How can I withdraw my money from Voya without paying a high tax. A friend of mine said when his wife withdrew her money, along with be taxed at. High rate they took a reduction in her social security. I am already returned and no more contributions are going.
Terry Says
I assume you are talking about a traditional retirement plan that is with Voya — such as a 40l(k), 403(b) or IRA. If you deducted your contributions along the way, then ALL the money comes out taxed as ordinary income. YOu’ll want to work with a financial planner or CPA so you don’t take too much money out in one year. If you take too much and move into a higher tax bracket, it could increase your Medicare Part B premiums.
Remember, once you reach age 72 you’ll be required to take money out of your plan every year and pay taxes — The plan should notify you the amount of this Required Minimum Distribution. Until then, you can leave all your money inside your plan to keep growing tax-deferred. Or take out as much as you need. The plan will typically withhold at least 20% of your withdrawal for income taxes.
