When can I take money out of a traditional IRA?

Answer You can take money out of your traditional IRA at any time. However, if you withdraw the money before age 59 1/2 without a qualified exemption, you will have to pay a 10 percent penalty, in additio... Read More »

Top Q&A For: When can I take money out of a traditional IRA

What tax do you pay when you take money from an IRA?

Withdrawals from a traditional IRA are subject to federal income taxes. If your state has an income tax, you must also pay state income taxes. However, qualified withdrawals from Roth IRAs are tax-... Read More »

When can I take money out of my Roth account?

On One Hand: Any Time You ChooseYou can take money out of your Roth IRA at any time. Contributions can be removed without penalty. But if you withdraw earnings early, you must pay income taxes on t... Read More »

When should I take money from my 401(k) if I am 60 years old?

On One Hand: No Penalty After 59 1/2Most 401(k) withdrawals before the age of 59 1/2 are assessed a 10 percent IRS penalty. Thus, for a 60-year-old investor, there is no longer an early withdrawal... Read More »

When do I take money from my 401k account?

On One Hand: Mandatory DistributionsTaking money out of a qualified retirement plan, such as a 401(k), requires a few careful considerations before doing so. Generally, if taken out before age 59.5... Read More »