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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.




that part of NATIONAL INCOME not spent by households on the CONSUMPTION of domestically produced goods and services. In the basic CIRCULAR FLOW OF NATIONAL INCOME MODEL, all the income received by households is spent on current consumption. In the extended circular flow of income model, some of the income received by households is saved, some of it is taxed and some of it is spent on imported goods and services. Thus, SAVINGS, TAXATION and IMPORTS constitute withdrawals or leakages from the income-spending flow. Compare INJECTIONS. See also PROPENSITY TO SAVE, PROPENSITY TO TAXATION, PROPENSITY TO IMPORT.
References in periodicals archive ?
For traditional IRAs, the overwhelming number of people that are taking withdrawals from them are because they have to under the RMD rules, and for the most part the amount of the withdrawal is only the amount they are required to take out," Craig Copeland, EBRI senior research associate and author of the report, said in a statement.
Systematic withdrawals can be simply defined as drawing a predetermined rate or dollar amount from an investment portfolio each year to generate retirement income.
Another may spend more money early in retirement and less later; still another may plan to increase withdrawals as he or she ages.
launched LifeGuard Freedom, which establishes an annual 7% benefit increase each year in the first 10 years with no withdrawals and a subsequent lifetime withdrawal stream of up to 7% a year.
The contract owner must keep the VA in force until benefit maturity for GMIBs and GMABs, and must actively take withdrawals for GLWBs/GMWBs or annuitize for GMIBs.
Withdrawal limits: The $100,000 limit on penalty-free withdrawals means individuals cannot withdraw more than a combined total of $100,000 from all of their retirement plans.
Hardship withdrawals also are trouble-some, usually because of the often overlooked requirement that an employee who takes a withdrawal to pay medical bills or purchase a principal residence, for example, must cease deferring income through the plan for six months.
1: Making frequent ATM withdrawals from other banks