The IRS allows withdrawals from retirement accounts starting at age 59 ½, penalty-free. They also require withdrawals starting at age 72. This is called a Required Minimum Distributions (RMDs). We will assist you in determining the amount that must be withdrawn to avoid penalty. If you turned age 70 ½ prior to January 1, 2020, your RMDs are based on age 70 ½, not age 72. If you take withdrawals prior to age 59 ½, you are subject to federal income tax, a 10% penalty on the amount withdrawn, and any applicable state income tax.