Forgive my ignorance. Is this correct for different IRA's withdrawl ages without penalty: Traditional IRA-70.5 SIMPLE IRA-59.5 ROTH IRA-59.5 Thanx in advance for the help......Regards, Steve
That's not correct.You may begin withdrawals without penalty from a traditional IRA at age 59.5. The 70.5 age refers to the age after which withdrawals become mandatory.There are also a number of purposes, including purchase of a home, education, and medical expenses, for which some money may be withdrawn from a traditional IRA without penalty even before age 59.5. And there is a provision for withdrawing equal amounts over a number of years that may avoid penalties, too.With a Roth IRA, you may withdraw the amounts of your contributions at any time without penalty. After age 59.5, if the Roth has existed for long enough, you may withdraw all of it without penalty.TMF Pixy's Retirement Plan Primer is at <http://www.fool.com/Retirement/RetirementPlanPrimer.htm>.
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