How do you envision your retirement? Let us know what it’s like and we’ll help you choose between a Traditional, Roth and Educational Individual Retirement Account.


Consult your tax advisor about your particular situation and review the information outlined below for details about withdrawing from a Traditional or Roth IRA.

Withdrawal Rules for Traditional IRA’s
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. Exceptions may occur as follows:

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

Withdrawals between age 59½ and 70½ Starting at age 59½, you can begin taking money out of your retirement accounts without penalty.

Withdrawal rules for Roth IRAs
A non-qualified distribution is subject to taxation of earnings and a 10% additional tax unless an exception applies.

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

  • You are over the age 59 ½
  • Death or disability
  • Qualified First-time home purchase

Refer to IRS Publication 590 for details.