When can you start to take money out of an individual retirement account?
For both types of accounts, you can start to take penalty free withdrawals when you are 59.5, but there are some exceptions to this rule.
Early withdrawals are allowed to pay medical bills and higher education expenses. You can use money from the account to pay for health insurance premiums while you are unemployed, and you can withdraw up to $10,000 to help you purchase your first home.