If you have a regular investment account and simply want a check mailed to you, you usually won't have to complete any additional paperwork.However, some branches may ask you to mail in a signed letter so they have a record for their files.The ten second explanation is that it allows you to withdraw around 3-4% of your tax deferred assets each year following a strict IRS formula.
To close your Merrill Lynch account, your first step will be to contact an authority at the firm. However, if you're dissatisfied with your broker, you can also close your account by talking to the branch manager or an operations manager.
You can call any of these individuals at the phone number listed on your monthly statement or posted on the company website. Ask your broker, or whomever you contact, what you need to do to close your account.
In other words, it’s very difficult to deviate from the 72t withdrawal plan before reaching age 59.5, and if you do so by accident, you’ll feel the snap of the trap and lose ten percent of your withdrawals backdated to your very first 72t withdrawal (ouch! By cleverly maxing out our tax deferred savings options, we owed almost nothing in taxes every year in spite of our combined (very very low) six figure income.
It feels like we stumbled into a deep pit of tax liability.
When on patrol, the soldier avoids commonly tread footpaths because that’s where the improvised explosive devices (the dreaded IED) often lie in wait for unsuspecting soldiers.
When left with no other alternative but to pass through a choke point like an alleyway between adobe mud compounds, the soldier sweeps the ground with a metal detector to check for IEDs.
When the animal is out on patrol, a well placed trap can ensnare the unsuspecting creature.
The end result is a leg caught in trap and the choice (that isn’t really a choice) to gnaw its own leg off.
When you get caught, normal rules of comportment and demeanor are sloughed off to make room for the demands of the primordial will to live. Adrenaline rushing, pumping through arteries and veins, clouding the judgment and dulling the pain, the wild animal will chew it’s own leg off to disengage itself from a trap. What separates man from beast is consciousness and the ability to plan for the future. We are wise enough to search for traps and avoid going down paths that might be trapped.