You can withdraw contributions you made to your Roth IRA anytime, tax- and penalty-free. However, you may have to pay taxes and penalties on earnings in your Roth IRA if you withdraw before the age of 59½. The taxes and penalties depend on how long you've had your Roth IRA and what you're using the the money you withdraw for. We'd encourage you to read up on these on the IRS website or ask an expert before making an early withdrawal.
Traditional & Roth IRA
- Will I get taxed when I transfer my existing IRA from another financial institution?
- How do I withdraw from my IRA?
- How do I withdraw from my Roth IRA?
- How do I withdraw from my Traditional IRA?
- How much can I contribute to my Traditional or Roth IRA?
- Can I transfer an existing IRA to Wealthsimple?
- What's the difference between a Traditional IRA and a Roth IRA?