How do I withdraw from my Traditional IRA?

In general, the first thing to know about IRA withdrawals is that if you withdraw from your Traditional IRA when you're under age 59½, your withdrawal will be subject to a 10% tax penalty on top of regular income tax (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 Traditional IRA without a tax penalty, and if you're 70½ you have to start making withdrawals.

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