2006-10-02 15:37:21 · 3 answers · asked by Eann G 1 in Business & Finance ➔ Investing
You may take them out at any time. However, if you take them out before you are 59 1/2 you get a 10% penalty. It used to be you could structure a series of payments before you were 59 1/2, but I think that has been canceled.
If you have a ROTH IRA, you may take it out anytime after it has been in effect for 5 years.
But to be sure, contact a licensed tax preparer or accountant.
2006-10-02 15:47:14 · answer #1 · answered by SPLATT 7 · 1⤊ 0⤋
You can begin to withdraw from regular IRA acct at 59-1/2. If you make a withdrawal prior to that age, then you will pay a 10% penalty, in addition to the normal taxation. Or you could leave it in the acct until you are 70 years old, at which point, you must begin to make withdrawals.
With a Roth IRA, the initial withdrawal requirement is the same as regular IRA. However, you are not required to make any withdrawals for as long as you like. After 5 years, you can make a one-time withdrawal of up to $10,000 for a first-time home purchase or education without penalty.
2006-10-02 15:55:03 · answer #2 · answered by chance 3 · 0⤊ 0⤋
To avoid penalties after age 59 1/2. At age 70 1/2 it is required that you withdraw.
2006-10-02 15:40:11 · answer #3 · answered by Mega 3 · 1⤊ 0⤋