at what age can you draw from your ira
If you own a tax-deferred IRA and took a tax deduction on your contributions to that IRA, you will owe income tax when you take money out of the account, no matter how old you are. If you are between age 59 1/2 and 70 1/2, you wonât incur any penalties on distributions from a tax-deferred IRA. The rules impose penalties for taking money out before age 59 1/2 and for failing to withdraw enough after 70 1/2.