IRA

[DAVE HAIG]

At 59 1/2 you’re able to start withdrawing funds from your IRA account. Would this qualify as a retirement income for the pensionado visa?
Or another thought… would it be possible to transfer IRA funds to a local bank to qualify for the investor visa?
Wondering if anyone has done this or heard of it. Thanks! Feliz Navidad! dave

and just FYI here in Nevada it’s been down to 14 F…. with snow in the forecast…. Hwy 80 at Truckee is getting heavy snow with chain controls in effect.
if you’d like to see here’s the link …… video.dot.ca.gov : )

[DON MELLINGER]

You can withdraw your funds from an IRA account at any age, but before you are 59 1/2 it causes a 10% early withdrawal penalty on your form 1040. I cannot imagine they would allow you to roll over an IRA into a local bank, perhaps you could just take a $25,000 distribution from the IRA. It would seem an IRA could not be considered as monthly income, for you are not required to take any distributions until age 70 1/2, and iRAs’ can lose a great deal of value, depending on how the money is invested. Perhaps if there is an annuity within the IRA pumping out the required $800/month plus $100 per dependent it could be considered. Hope someone here can fill in the blanks for you. Good luck in your escape attempt from Nevada!!

[DAVE HAIG]

Just got back online. Thanks for the responses… gives me something to think about. Hope you all enjoy the holidays!

[CHARLES E CARROLL]

Dave,
I understand it is possible to borrow from your IRA to buy investment property. You need to talk to a financial advisor who can advise you about this. I hope this helps.

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