Ideally, you won’t need to access your IRA funds until you reach the minimum age of 59 ½. However, if you find yourself in a tough situation, you can withdraw your money early, though this will generally incur a 10% penalty, along with applicable federal and state taxes.
That said, there are exceptions that allow for penalty-free withdrawals, such as buying your first home (as defined by the IRS), covering certain higher education costs, or paying specific medical expenses if you become unemployed.
The key thing to remember is that while your money is accessible if you truly need it, withdrawing before age 59 ½ could lead to penalties and taxes. Be sure to fully understand the potential consequences before making an early withdrawal.
We strongly recommend reviewing your personal tax situation or consulting with a tax advisor before making a rollover transaction, as Aspiration does not provide tax advice.
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