Hi! Please excuse the naive nature of this post. I am trying to understand how this all works.
I recently inherited an IRA account from my deceased grandfather which is about $700k. It is currently being invested by portfolio managers (thank God as I have no idea what I’m doing).
I am a social worker, and I love my job, but I’m not exactly making bank. I make about $70k in an extremely HCOL area.
That being said, I would like to periodically take out withdrawals around 10k, 15k, 20k in order to support myself and my family. My husband and I would like to have kids soon but it is just unrealistic on our salaries in our state. Supplementing our income with a 10-20k withdrawal here and there when necessary would be unbelievably helpful.
Here is my question- and I know, I know, I should probably already know how this works (trust me , I feel stupid enough!)- if my money is invested, will I “make back” these withdrawals? In other words, if I take out 10k tomorrow, would that be a 10k loss forever or would the portfolio “earn” it back?
I am aware of all of the RMD/tax laws of an IRA. Thank you!!