I'm not 59 1/2 years old and I want to withdraw $$ early from my IRA. I read that if I withdraw an equal amount every month for at least 5 years or until I reach 59 1/2, whichever is longer, then I don't have to pay the 10% penalty.

Of coz the $$ is still taxable but at least I'll avoid the 10% penalty. Is that correct?

Thanks