You can withdraw money from your IRA at any time and any age. However, by doing so, you might put yourself at risk for penalties and additional taxes. If you’re not familiar with IRA rules, we’re here to help. Keep reading to learn about traditional IRA and Roth IRA withdrawal rules.
Traditional vs. Roth IRA Withdrawal Rules
|Traditional IRA (Rollover IRA)||Roth IRA|
|Must be at least 59½ years old to avoid 10% early withdrawal penalty||Must be at least 59½ years old to avoid 10% early withdrawal penalty|
|Any amount withdrawn will be added to your income for tax purposes in the calendar year of the IRA withdrawal||No taxes are owed on a qualified distribution|
|You can have taxes withheld by instructing your trusted financial institution|
|Required minimum distributions begin annually at age 70½||There are no mandatory withdrawals from a Roth IRA|
IRA Withdrawal Help
Before beginning the IRA withdrawal process, consult with a trusted financial advisor. They can help you avoid penalties and set you up for financial health and wealth. If you don’t have a trusted advisor, we are here to help. Use our robo-tools for quick and easy finance management and investments.