What are the withdrawal rules for retirement accounts?

@andy 

The withdrawal rules for retirement accounts vary based on the type of account. Here are the rules for some common retirement accounts in the United States:

1. Traditional IRA (Individual Retirement Account): Withdrawals from a Traditional IRA are generally taxable as ordinary income. You can start making penalty-free withdrawals from a Traditional IRA at age 59½. However, if you withdraw funds before age 59½, you may be subject to a 10% penalty unless you meet certain exceptions like a first-time home purchase or qualified education expenses.
2. Roth IRA: Contributions to a Roth IRA are made with after-tax dollars, so qualified withdrawals from a Roth IRA are generally tax-free. You can withdraw your contributions at any time without penalty. However, the earnings on the contributions must satisfy the five-year rule and you must be at least age 59½ to withdraw the earnings without penalty.
3. 401(k): 401(k) plans are employer-sponsored retirement accounts. Generally, you can start making penalty-free withdrawals from a 401(k) plan at age 59½. However, if you withdraw funds before age 59½, you may be subject to a 10% early withdrawal penalty except for certain exceptions like disability or financial hardship. Some 401(k) plans may allow for loans against your account balance.
4. Roth 401(k): Roth 401(k) plans are similar to traditional 401(k) plans, but contributions are made with after-tax dollars. The withdrawal rules for Roth 401(k) plans are generally the same as the rules for Roth IRAs. Contributions can be withdrawn at any time without penalty, but earnings must satisfy the five-year rule and you must be at least age 59½ to withdraw them without penalty.

It is important to consult with a financial advisor or tax professional for specific details regarding withdrawal rules for retirement accounts, as the rules can be complex and subject to change.