How do I withdraw from my IRA?

The first thing to know about IRA withdrawals is that if you withdraw from your Traditional IRA or Roth IRA when you're under age 59½, your withdrawal will be subject to a 10% tax penalty (we wouldn't recommend it!). 

There are a few cases where you can make an early withdrawal without paying a penalty; for example, if you're withdrawing to purchase a first home, pay for higher education or cover medical expenses. There are specific rules and limitations around these exceptions, so we'd encourage you to read up on these on the IRS website or ask an expert before making an early withdrawal.

If you're 59½ or older, you can start making withdrawals from your IRA without a tax penalty, and if you're 70½ you have to start withdrawing from a Traditional IRA.