IRA OWNS RENTALS, NOW 59 1/2. CAN I NOW MIX FUNDS W/PERSONAL

[Joe Schultz]

I just turned 59 1/2 can I now take money out of my self-directed IRA (SEP) without any penalty?

If I do, does this require taking social security as retirement? Are there any consequences?

Do I need to wait until I retire, to use this money?

I don't want to be penalized. 

I just want to know how to properly do this now or when it makes the most sense etc.

Notes:

I am sure that I will have to pay taxes on any that I take out, taxed as income.

I am considering this, mostly so that I could use on other deals (not separate from my regular income, savings.

Any thoughts on this would be appreciated.

Thank you, Joe

[Brian Eastman]

@Joe Schultz

You should speak with a CPA or licensed fee-only financial advisor to get an education on how IRA distributions work.

There are general rules and guidelines that apply to all IRA plans, and it is important to understand those as you plan to draw down your IRA in retirement.

As for 1 & 2, yes, you must work with your IRA custodian for processing and reporting of any distribution event.