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If you need access to your IRA, you can withdraw money at any point in time. However, be aware of the tax consequences of each withdrawal and consult your financial advisor for assistance.

Withdrawal options1
When you begin making withdrawals from either a traditional or Roth IRA account, your options include:

• Full distribution

• Partial distribution

• Periodic payment – amount certain

• Periodic payment – period of years

• Periodic payment – substantially equal period payment over the owner's lifetime.

Loans are not available from IRAs. For detailed withdrawal and required minimum distribution rules, see IRS Publication 590.

Traditional IRA
You may make withdrawals without penalty from your traditional IRA after you reach age 59½. Your taxable distribution is subject to ordinary income tax, including applicable federal, state and local tax, in the year you take the withdrawal(s). If you take a withdrawal before age 59½ from your traditional IRA, your withdrawal is subject to a 10% early withdrawal federal penalty in addition to ordinary income tax. There are a few exceptions to the age 59½ rule, including distributions made due to the following situations (as stated in IRS Publication 590):

• You have unreimbursed medical expenses that are more than 7.5% of your adjusted gross income.

• The distributions are not more than the cost of your medical insurance.

• You are disabled.

• You are the beneficiary of a deceased IRA owner.

• You are receiving distributions in the form of an annuity.

• The distributions are not more than your qualified higher education expenses.

• You use the distributions to buy, build, or rebuild a first home.

• The distribution is due to an IRS levy of the qualified plan.

• The distribution is a qualified reservist distribution.

Required Minimum Distribution (RMD) – You cannot keep your money in a traditional IRA indefinitely. You must begin taking distributions (RMDs) from a traditional IRA by April 1 of the year following the year you turn age 70½. If you don't take an RMD or take a withdrawal that is not large enough, a 50% excise tax applies to the amount that should have been withdrawn from your account but was not, based on RMD calculations. You also are subject to ordinary income taxes on the full amount that should have been withdrawn.

Roth IRA
You can take withdrawals from your Roth IRA tax-free, if your withdrawal meets certain requirements. As of the year of distribution:

(1) You must have been invested in the Roth IRA for a minimum of five years, and

(2) A distribution is made either:

a. After the date you reach age 59½; or

b. Because you are disabled; or

c. To a beneficiary or to your estate after your death; or

d. For a first-time home purchase (subject to limitations).

If a distribution does not meet the requirements listed above, the portion of the distribution attributable to earnings may be subject to ordinary income tax and may also be subject to the 10% early withdrawal penalty.

Required Minimum Distribution (RMD) – If you're the original owner of a Roth IRA, you don't have to take distributions regardless of your age.

For more information, please see IRS Publication 590.


Open an IRA – Empower Retirement IRA


Please consult with your financial advisor, call (877) 804-6257 to speak to a retirement consultant, or
email us at*

1 Withdrawals are subject to ordinary income tax. A 10% early withdrawal penalty may apply to withdrawals made prior to age 59½.

* Representatives of GWFS Equities, Inc. are not registered investment advisers, and cannot offer financial, legal or tax advice. Please consult with your financial planner, attorney and/or tax adviser as needed.