Financial Milestone Age 59 ½: Penalties for IRA Withdrawal End

May 09, 2022

Happy Half Birthday! I bet you thought celebrating half-birthdays ended when you exited elementary school. But at age 59 that all changes, and you get to celebrate a half-birthday again.

Once you hit the magical age of 59½, you've unlocked a special privilege: you can start making withdrawals from your retirement plans, possibly without paying a pesky 10% federal income tax penalty. It's like finding a hidden treasure chest! This rule applies to all you savvy folks who have made saving for retirement a priority.

I hope you have a very lovely half-birthday. If you're looking at exercising this option, let's talk.