However, you'll need to start accepting the minimum distributions required for the year you turn 72.Learn more about the rules of traditional IRAs. If you make withdrawals in your IRA before age 59 and a half, you may have to pay a 10% penalty in addition to income tax. Below, you'll find exceptions that may allow you to make a withdrawal without penalty. If you're 59 and a half years old or older, you usually have no problems.
However, if you're younger than that, you'll be penalized for withdrawing early from traditional IRAs or for early withdrawing profits from Roth IRAs. Nor is there any age restriction if you are setting up a new IRA to which you will transfer or transfer assets from another IRA or from an eligible retirement plan, such as an employer-sponsored plan, such as a 401 (k).