I get asked often about withdrawal rules for Roth IRA's. If you do decide to withdraw funds from your Roth IRA, there are rules to follow to avoid taxes and penalties. Because there's no tax deduction for Roth contributions, you can retrieve that money at any time free of taxes and penalties, regardless of age. But for earnings to be tax- and penalty-free, you have to pass a couple of tests. First, you must be 59 1/2 or older. You will get hit with a 10% early-withdrawal penalty and taxes if you take out earnings before you hit that age. And you must have had one Roth open for at least five years. If you want more information on Roth IRA's go to yoursafemoneyshow.com or call 320-679-5183.
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