When can I access the funds in my Traditional IRA?
Funds in a Traditional IRA can be accessed anytime after you reach the age of 59 1/2 without penalty. Prior to age 59 1/2, distributions are subject to a 10% penalty by the IRS unless exempt due to the following reasons:
- Disability or death
- Qualifying medical expenses
- Qualifying educational expenses
- Unemployment under certain conditions
- Qualified first time home purchase
- Receipt of IRA assets in substantially equal periodic payments over your life expectancy