# Inherited an IRA and need some advice



## chadtahoochee (Apr 1, 2020)

Hello, I recently inherited any IRA after my mother's passing, and I am concerned about what I should do with the money. If I decide to remove it from the account, I would be taxed around 25-28%. That would be quite a bit deducted. I feel I could be better off if I invested that money into land and began homesteading, which is what I really wish to do. Or I could hang onto it and remove a small amount each year. Any advice? Would you feel uneasy about keeping money in an IRA at this time?


----------



## Smitty901 (Nov 16, 2012)

Simple really if you take it out with out moving it to a qualified account you will take a tax beating. And now with the market down it would likely be much more of a beating. You need to speak with a legit tax consultant. The few dollars that will cost you will save you a lot . Mess it up and with things they way they are now you could end up with pennies left.
If you are not over age yet or have a qualifying event you will come up short . Your life your money (and the governments). Spend a little time and the cash to have a pro show you the path.


----------



## chadtahoochee (Apr 1, 2020)

Thanks, the account is currently managed so I have an advisor. I am young but inherited IRAs are not penalized for early withdrawal. The tax percentage that I listed is from my financial advisor. I am more concerned with the potential dangers of leaving that much money sitting in an IRA. In the event of a long depression, what would happen to that account?


----------



## Smitty901 (Nov 16, 2012)

chadtahoochee said:


> Thanks, the account is currently managed so I have an advisor. I am young but inherited IRAs are not penalized for early withdrawal. The tax percentage that I listed is from my financial advisor. I am more concerned with the potential dangers of leaving that much money sitting in an IRA. In the event of a long depression, what would happen to that account?


 You need an advisor not connected to the account. They do not have your interest first. If that money is in investments now and it most like is it could lose a lot if cashed in now.


----------



## chadtahoochee (Apr 1, 2020)

good advice, thank you.


----------

