When should I take a withdrawal from my IRA?

IRAs: The RMD rules require individuals to take withdrawals from their IRAs (including SIMPLE IRAs and SEP IRAs) every year once they reach age 72 (73 if the account owner reaches age 72 in 2023 or later), even if they're still employed. Owners of Roth IRAs are not required to take withdrawals during their lifetime.

When can I withdraw from my retirement account?

The age for withdrawing from retirement accounts was increased in 2020 to 72 from 70.5. The SECURE 2.0 Act, though, raised the age for RMDs to 73 for those who turned 72 in 2023. Therefore, your first RMD must be taken by April 1 of the year after which you turn 73. After that, your RMDs must be taken by December 31 of each year.

When can I take a penalty-free IRA withdrawal?

At age 59 ½, you can take penalty-free withdrawals from your IRA. You will still owe regular income taxes on withdrawals. If you qualify for certain exceptions, you could make withdrawals before the age and avoid paying the 10% penalty. You are required to start making withdrawals at age 73.