Retirement Planning/IRA CD


I am an elderly (age 82) & am planning on transferring my maturing IRA to a

5 yr. IRA because interest rate is better than fewer yrs., almost none .

It is now in a bank CD & plan to keep it there for safety , insured reasons.

My concern was to lock this for 5 yrs. as the bank assures me that because

I am over age 70 1/2 , they will waive the early withdrawal penalty should rates

increase & I wish to withdraw & reinvest this IRA.

I'm leery of the 'waive penalty ' promise & feel trapped by the very low rates.

Does this sound familiar to you ?

Certainly would appreciate your input.

Banks will usually show you something in writing about the CD you are buying.  It will list the penalty, so they can charge it. Make sure yours lists the waiver.  If you do not have anything in writing that the penalty will be waived, I wouldn't buy the CD.

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Joe DiDomenico


I can answer any questions related to Individual Retirement Accounts (IRA). This includes what can and can't be done with an IRA because of IRS regulations. I can also answer questions about the different types of retirement accounts and how they apply to different people in different situations. I can help direct people on what steps to take next with their retirement accounts.


I was a Financial Consultant at Merrill Lynch for 7 years and a Senior Vice President at CitiGroup for 3 years.


I wrote a book entitle, "Blame It On the Broker", currently for sale on Amazon.

Bachelor's in Financial Services from San Diego State University

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