Ala. If the old CD rate were higher than current interest rates, the bank would be at a disadvantage, he said. If you want to withdraw your money, the best approach is to hustle down to the bank and get your money out as soon as your CD matures. However, my brokerage firm has sent me a letter telling me the amount of my required distribution for 2001. You must take a distribution for 2001, but you do not have to take it during 2001. Consider how the distribution will affect your tax liability, particularly taxation of your Social Security benefits.
Some people are better off postponing the distribution, while others are better off taking it.
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