I turn 59 1/2 in December of this year

[qwerty3656]

Do I REALLY have to wait til December to withdraw IRA funds w/o penalty?

 

[MissMolly]

Do I REALLY have to wait til December to withdraw IRA funds w/o penalty?

Yes.

 

[street]

The general rule for tapping a 401(k) free of the 10% early-withdrawal penalty is that you must be at least age 59 1/2. But as with many rules, there is an exception. Leave your employer in the year you turn 55 or older and Uncle Sam cuts you some slack: The early-withdrawal penalty disappears early.

Also take a look at these.
https://www.bankrate.com/retirement/ways-to-take-penalty-free-withdrawals-from-ira-or-401k/

 

[MissMolly]

The general rule for tapping a 401(k) free of the 10% early-withdrawal penalty is that you must be at least age 59 1/2. But as with many rules, there is an exception. Leave your employer in the year you turn 55 or older and Uncle Sam cuts you some slack: The early-withdrawal penalty disappears early.

Also take a look at these.
https://www.bankrate.com/retirement/ways-to-take-penalty-free-withdrawals-from-ira-or-401k/

He's not asking about a 401(k). He's asking about an IRA. Leaving your employer the year you turn 55 doesn't count for an IRA.

 

[MC Rider]

Yes, but you would be better off to leave it alone a few more years.

 

[street]

He's not asking about a 401(k). He's asking about an IRA. Leaving your employer the year you turn 55 doesn't count for an IRA.

Yep, my mistake! Thaks for the correction.

 

[tsoispf]

Hypothetically, could one withdraw Roth contributions during the course of the year, penalty free, and then do a t-IRA to Roth conversion upon reaching 59 1/2 to replace the original Roth funds? All to avoid the penalty.

 

[N02L84ER]

I believe you not only have to wait until December, you have to wait until the day after your "half birthday". If you were born on the 27th, you must wait until the 28th.

 

[pb4uski]

Do I REALLY have to wait til December to withdraw IRA funds w/o penalty?

It depends on when your birthday is. You can do penalty-free withdrawals the day after you are 59-1/2 years old.

So if your birthday is June 1, 1963 you would need to wait until Dec 2, 2022.