Am I Burning Through My IRA Too Fast?

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 23 April 2025

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

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Transcript

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0:00.0	This episode is brought to you by SmartVester.
0:08.0	Connect with an investing pro near you at Ramsey Solutions.com slash SmartVester.
0:13.8	Amy's in New York City. Hi, Amy. Welcome to the Ramsey show.
0:17.2	Thank you for taking my call, Mr. Ramsey.
0:19.8	Sure.
0:20.0	I am 55 years old. In a divorce settlement,
0:24.4	I got a simple IRA of $1.2 million. I cannot work due to some health issues. My concern
0:33.5	is I'm concerned about my burn rate and ways to mitigate my tax.
0:40.4	My taxes.
0:41.6	I know I'm getting a 10% early withdrawal fee because of my age and, of course, income tax.
0:49.1	I'm not sure what to do.
0:51.7	You said you're not able to work because of your health?
0:54.9	Yes, I have some cognitive issues that I'm not getting hired.
0:59.6	Okay.
1:00.6	And the, um, this is your only asset, your only source of income.
1:06.2	Correct.
1:06.5	I have no debts and I have no assets.
1:08.6	Wow.
1:09.9	Okay.
1:11.2	And, um, why New York City?
1:14.3	Well, when I got the settlement, I decided to work on my bucket list.
1:18.9	So I did a couple things like jump out of an airplane and move to New York City.
	...

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