How to Withdraw IRA Monies Without Penalty

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IRAs, or individual retirement accounts, are called qualified accounts, meaning that money can't be withdrawn without a penalty until a person is 70 years old. Find out how to make hardship withdrawals from an IRA account with help from a registered financial consultant in this free video on money management and financial advice.

Part of the Video Series: Money Management
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Video Transcript

This is financial adviser, Patrick Munro talking about how to withdraw IRA monies without penalty. IRA or Individual Retirement Accounts are formally called qualified accounts meaning they are tax qualified and there are rules around those monies that are developed by the IRS. The way to withdraw money without a penalty only occurs when you are 70 and a 1/2 and the government requires you to take out a minimum distribution out of the account. When that is done you basically are able to take money out of the retirement account and not have to pay any exorbitant fees. It is just a requirement that moves along in that regard. There are also hardship withdrawals that can be applied for if you are pre 70 and a1/2 and many times you can withdraw money for the purchase of a business or also for the purchase of a home, your first home. There are ways that the IRS can allow you to take money out for just that purpose. This is Patrick Munro, financial adviser talking about how to withdraw IRA monies without penalty.

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