You can withdraw from an IRA under these general rules:
- For a traditional IRA, you can withdraw without penalty starting at age 59½. Taxes apply on the withdrawn amount. Required minimum distributions (RMDs) must start at age 73 or 75 depending on your birth year.
- For a Roth IRA, you can withdraw your contributions at any time tax- and penalty-free. To withdraw earnings without penalties or taxes, you must be at least 59½ and the account must have been open for at least 5 years. There is no required minimum distribution age for Roth IRAs.
Early withdrawals (before 59½) from traditional IRAs generally incur a 10% penalty plus taxes, unless for certain exceptions like disability, medical expenses, or first-time home purchase. In summary:
- Traditional IRA: penalty-free withdrawals at age 59½ or older; RMDs starting age 73+
- Roth IRA: contributions anytime penalty-free; earnings penalty-free after age 59½ and 5-year holding
This covers the main withdrawal timing rules for IRAs.
