There is this early withdrawal penalty with the Roth IRA which your friend just warned you about, Quit worrying. You have to pay a penalty once if you don’t come under the eligibilities which I will be talking about below. For more information regarding the withdrawal issues a visit to roth-ira.org would be recommended.
An investor’s money can be withdrawn without penalty and without having to pay taxes at any time without a reason being needed.
So you will ask me when do I have to pay the penalty?!
let me answer that question for you,
1) If you are lesser than 59 1/2 years old:
If you were born in the month of December, You have to pay the tax according to the year next to your 59th birthday but if you were born in the month of January, You sure do meet the age requirement of the tax rate of the year of your 59th Birthday.
2) If You Don’t Satisfy The 5 Year Rule:
Apart from the age requirement, You need to have had your Roth for 5 years before the time of withdrawal for you to escape from the clutches of the early withdrawal penalty. Read more…
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