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Bobby just turned 56 and has retirement savings in an IRA. How many years will he have to wait to be able to withdraw money without penalty?
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Bobby just turned 56 and has retirement savings in an IRA. How many years will he have to wait to be able to withdraw money without penalty?

User Florian Jenn
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1 Answer

2 votes
The minimum age to withdraw from an IRA without penalty is 59 1/2. Subtract Bobby's age from this required age.

59 1/2 - 56 = 3 1/2

Bobby will have to wait 3 and a half years to withdraw without incurring penalties.
User Sokid
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