Withdrawing From a Traditional IRA
The IRS requires individuals to begin taking funds from their Traditional IRAs by April 1st after the year they turn 70½. Withdrawals can be taken as a lump sum or as periodic payments.
While individuals can withdraw funds at any time from their account, they will be taxed on the withdrawals and receive an additional 10% penalty if they make withdrawals before the age of 59½. They can avoid the penalty if the withdrawal is for one of the f