My mom has money in an IRA, set up after my dad passed away a few years back. She was a stay at home mom, and hasn't been able to go back to work.
However, she is getting close to needing the money in the IRA if she isn't able to get a job. But that comes with a penalty if she gets it before 59 1/2 (she is currently 57).
I've tried to do some research, but can't seem to get a straight answer. My main question is: is there a way for her to take some money out of the IRA early without the penalty? I see some things about hardships, but I'm not sure if she would qualify. Others mention setting up annuity payments, but other sources seem to contradict that.
If she has to pay the penalty she will, but obvious it would be best if it could be avoided.
Thanks.
Submitted April 09, 2018 at 10:48PM by MsAndDems https://ift.tt/2GL1FYG
