I am 63 years old... What are my penalties when withdrawing from my IRA? =================>>Between the ages of 59? and 70, you are allowed but not required to make IRA withdrawals from your IRA without penalty.You may take distributions from your IRA any time. There is no need to show a hardship to take a distribution. However, your distribution will be includible in your taxable income and it may be subject to a 10% additional tax if you're under age 59 ?.however, Regardless of your age, you will need to file a Form 1040 and show the amount of the IRA withdrawal.
And/or, what else should I know about this?================>> as saild, You can withdraw money anytime after age 59?, but you?ll need to pay income taxes on part or all of any IRA withdrawals you make.