Retirement Planning/traditional IRA CD


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

5 yr. IRA because the rate is higher.

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 Bank withdrawal penalty should

rates increase & I wish to withdraw & reinvest this IRA.
I'm leery of the 'waive penalty ' promise.

I do realize that there will not be a federal penalty afer my age.

Does this sound familiar to you ?
Any comments on on-line IRA CD's ?

Certainly would appreciate your input.

Many thanks

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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