age limit on drawing out retirement
You can take money out of an IRA whenever you want, but be warned: if you're under age 59 Â½, it could cost you. That's because the government wants to discourage you from raiding your IRA until you're retired. (It's a retirement account, after all.) If you are under 59 Â½: If you withdraw any money from a traditional IRA, you'll be slapped with a 10% penalty on the amount you withdraw. That's in addition to the regular income tax you'll owe on your withdrawal. Bad idea. Roth IRAs offer a bit more flexibility.