If you own either a traditional or nondeductible IRA, you have several choices when you retire:
If you choose the lump sum, the entire amount will be taxed as ordinary income in the year of withdrawal. If you elect installments and pay income tax as the money is received, you must comply with IRS tables on life expectancy.
If you own a traditional or nondeductible IRA, you must start withdrawing money when you reach 72 years old. If you own a ROTH IRA, you aren't required to take distributions from it at any age.
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