Withdrawal


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Withdrawal

A transaction in which a customer receives back money he/she had previously deposited at a bank, pension, or trust. When one makes a withdrawal on a pension or similar plan, it may carry a penalty depending on the pension's rules. For example, one must usually be of a certain age in order to make a withdrawal. There is rarely such a penalty when making a withdrawal from a bank. For instance, when one closes an account, the client makes a withdrawal on all the money he/she owns at that bank.

Withdrawal.

A withdrawal is money you take out of your banking, brokerage firm, or other accounts.

If you withdraw from tax-deferred retirement accounts before you turn 59 1/2, you may owe a 10% early withdrawal penalty plus any income tax that's due on the amount you've taken out.

In everyday usage, the term withdrawal is used interchangeably with distribution to describe money you take from your tax-deferred accounts, though distribution is actually the correct term.

References in periodicals archive ?
The US FDA's granting of the current request for the NSS-2 Bridge expands the use of the device as an aid to reduce the symptoms of opioid withdrawal.
IRA owners over the age of 70 1/2 are required to begin making regular withdrawals from their account, and a report by EBRI found that's the main reason withdrawals are made at all.
When drawing income from a portfolio using systematic withdrawals, proper asset selection is critical.
The deferred withdrawal facility will allow subscribers to remain invested in the NPS and defer the lump-sum withdrawal for ten more years.
So, what withdrawal rate should you expect from your retirement savings?
Former Head of the Israeli National Security Council General Giora Eiland, meanwhile, criticized Israel's support for a Syrian withdrawal from Lebanon, ASHARQ AL AWSAT reported Wednesday.
Given what we know about the pharmacokinetics of the SSRIs and SNRIs and measured drug levels in newborns exposed in late pregnancy, it is highly likely that most observed cases represent genuine withdrawal.
Old Mutual Financial Network introduced OM Income Advantage, which offers up to two 10-year accumulation periods currently offering 4% or 6% roll-ups, the ability to restart a roll-up period, and the flexibility to stop and start income payments at any time during the withdrawal period.
5% of beginning-of-year contract value, slightly below the standard 7% maximum annual withdrawal amount.
Moderate use -- 2 to 3 joints almost daily -- results in significant withdrawal symptoms in 50% to 60% of marijuana users, with the higher rate associated with chronic use.
they may be able to borrow or take a hardship withdrawal from their retirement plans to help.
Withdrawal symptoms vary according to the drug that has been overused.