If i am 55 and need to take money from my ira. Would it be to my benefit to take out a loan as opposed to an early distribution? At the present time i am retired.

Thank you.

“Would it be to my benefit to take out a loan as opposed to an early distribution? At the present time i am retired.”=========== An IRA Loan is not allowed. Since you can’t do an IRA loan, you’ll have to try an alternative. You may be able to tap IRA assets using a 60 day rollover. You have to follow some strict IRS rules, but this technique can act like a short term IRA loan. When you need money, an IRA loan may come to mind. Technically, it’s not possible to borrow from your IRA. However, you can do a few things that act like an IRA loan for quick cash.As long as you l ook for an interest-free loan for 60 days or less, then, one option is to borrow from your IRA;however, I fit is done right, it s a tax-free deal, and you will not incur any interest charges. If it is done wrong, you'll trigger income taxes and maybe a 10% penalty too while decimating your retirement stash.
NOTE:You might also be able to borrow against balances in company retirement plans such as 401(k) plans. Your plan must allow loans, and you’re taking a few risks (including defaulting on the loan resulting in taxes and penalties). Work with your HR department and tax advisor to understand this technique.Finally, you might try to borrow elsewhere. An unsecured loan (where your retirement savings are not collateral) may do the trick. Peer to peer lending services, family members, and banks or credit unions may help.