legal  money


Question by  Shripe (16)

I want to withdraw my IRA at age 49, can I do that?

Will there be a penalty?


Answer by  patti (29325)

It depends on how your IRA is set up and how you want to withdraw the funds. Contact the administrator for details regarding withdrawal options, taxes, penalties, etc. That's the best source of information. Generally, there is a 10% penalty for withdrawal before age 59, but again, to be certain, do your research.


Answer by  technogeek (6640)

You will be penalized if you withdraw the money and do not replace it within a specified amount of time. The penalty is that you will be taxed in the next tax year on the income.


Answer by  Turkwork (1150)

Yes there is a penalty for making an early withdrawal and you also have to pay taxes on the money that you withdrew.


Answer by  Gabriel (2146)

Yes, there are significant penalties paid if you take an early withdrawal before 59 1/2 years. Often the penalty can run as high as 35%-40% being lost. Check what other options may be available, like a loan against the funds instead.

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