How many days do I have to reinvest my traditional IRA's?

This week I'm withdrawing all of my IRA's out of a mutual fund company that has not been providing a decent return for my money.

Question: How many days do I have to reinvest this money so I won't be penalized by the IRS or whoever regulates this process?

I have heard I have 60 days to reinvest the money without penalty but I wanted to make absolutely sure.

How will I have to show this transaction on my federal income tax return? I'm told it will be reported to the IRS when I am given my check for the IRA's.

I do not intend to use the IRA money yet, although I'm 68 years old, but I understand I will have to start withdrawing some of it when I turn 70. Is this true?

Before you pull the money out...

Determine your next investment. You can open an account, and request your new IRA to "pull" the money out of your old investment. This way you won't need worry about re-investing within 60 days or worry about them holding 20% for taxes.

For your new investment, look-into low cost mutual funds <2% expense ratio per year. Also, diversify your investment between US and international funds. If the 10 year annual performance is < 9.5%, then find a different mutual fund. Also, most IRAs charge an annual fee. Don't pay more than $30 per year (preferably $10). Good Luck.

60 days, make sure the company knows you will be doing a rollover, they may keep out 20% for taxes ( i think its 20%)

edit: mr money, he is almost 70 years old, i wouldnt say that he has to make over 9.5% on his investment, he may be looking at bonds or other income funds

Request your new investment company roll it over for you, then there won't be any question about taxes. Make absolutely sure they know it's a rollover and not a new investment.

I thought you didn't have to withdraw until the year you turn 72 1/2 but I'm not sure on that point.

You have 60 days to do a rollover. This means that you can take the funds out of one IRA and as long as you deposit them into the other IRA within 60 days you don't have to worry about the taxes. This can be done once every 12 months.
Now people only do this if they are actually planning of using the funds before putting it into IRA money again. If you are only planning of doing this to move the money from one IRA to another and not use the funds for your own personal use then what I advise you to do is open the IRA with the financial institution you choose and once the account is open have the other financial institution do a Direct Rollover to the new IRA. All you have to do is give them the new account number and new custodian's information.
There is no limit of how many Direct Rollovers you can do since you will never actually have access to the funds. This will be alot easier on your part as well since you won't have to worry about those 60 days.

To your other question, 70 1/2 is the mandatory distribution age on Traditional IRAs. As you approach 70 1/2 the custodian of your IRA will send you a form asking you how much you want to withdraw each year. They will tell you how much must be taken from the funds at their financial institution and you will have the option of when you want those funds withdrawn.
The amount required goes by age and amount in there.
Hope this helped. :)