Dwayne, enjoying retirement with Gridley.
Putting him first since 2019.
ABOUT IRA WITHDRAWALS

Always be informed

We want you to be informed about any financial decisions you make. Learn more about IRA withdrawals below.

When it comes to your finances, you should have all the information you need. We've outlined everything you should know about withdrawing from a Traditional or Roth IRA.

Your tax situation is unique, so be sure to consult your tax advisor as well.

 

Withdrawal Rules for Traditional IRAs

With Traditional IRAs, you defer taxes until you begin to withdraw money. The rules vary depending on your age.

 

Withdrawals prior to age 59½:

A 10% early withdrawal penalty may apply for withdrawals taken prior to this age if no exceptions apply.

 

Possible Exceptions:

  • First-time home purchase
  • Qualified education expenses
  • Death or disability
  • Unreimbursed medical expenses
  • Health insurance, if you're unemployed

 

Withdrawals from age 59½ to 70½:

Starting at age 59½, you can begin taking money our of your retirement accounts without penalty.

 


 

Withdrawal Rules for Roth IRAs

A qualified distribution from a Roth IRA is tax-free and penalty-free, provided the five-year aging requirement has been satisfied and one of the following conditions is met:

  • You are over the age of 59½
  • Death or disability
  • Qualified first-time home purchase

 

Refer to IRS Publication 590 for details.

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Putting him first since 2010.
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Putting him first since 2010.
Liz, proud Bay Area Native.
Putting her first since 2013.
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Putting her first since 2013.

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