Question

Erica is 35 years old and owns an ira. at what age can she begin to receive distributions without a tax penalty?

Answer 1

The contributions you make to a traditional Individual Retirement Account (IRA) may entitle you to a tax deduction each year. It is tax-deferred, meaning it allows an individual to save for retirement with tax-free growth. At the age of 59 ½, Erica will begin to receive distributions without a tax penalty.