Early Withdrawal Penalty. You can take money out of either a traditional or a Roth IRA at any time, but if you're younger than 59 1/2 withdrawals will be hit with a 10 percent penalty unless you can claim some hardship.
https://finance.zacks.com/can-draw-out-ira-5146.html
Not when Congress, in its wisdom, has seen fit to create more than a dozen different tax-advantaged retirement savings accounts, each with its own rules on contributions, loans, and when you can take money out without paying a 10% “early withdrawal” penalty on the distribution.
https://www.forbes.com/sites/janetnovack/2013/01/15/11-ways-to-tap-retirement-cash-early-without-a-10-penalty/
Sometimes an emergency expense comes up and you need access to your IRA account before retirement. But when you take money out of your IRA before age 59½, you usually have to pay income tax and a 10 percent early withdrawal penalty on the amount withdrawn. While you generally can't evade income tax on traditional IRA withdrawals, you can avoid the early withdrawal penalty if the money taken out of your IRA is for an Uncle Sam-sanctioned reason. Here are 10 ways to avoid the 10 percent penalty on early IRA withdrawals. Large medical bills.
https://money.usnews.com/money/retirement/articles/2011/10/03/10-ways-to-tap-your-ira-early-without-penalty
Later, if you need still more cash before 59 1/2, you can draw it from the second account, without jeopardizing penalty-free distributions from the first. Watch out, too, for timing traps. Example: You can take a penalty-free distribution from either a 401(k) or an IRA to cover out-of-pocket medical expenses that exceed 10% of your adjusted gross income. But those expenses must be paid in the same year you take the distribution. (Note: Through 2012, the expenses only had to exceed 7.5% of your AGI.
https://www.forbes.com/sites/janetnovack/2013/01/15/11-ways-to-tap-retirement-cash-early-without-a-10-penalty/
The catch here is you must continue taking these payments for five years or until you are 59 1/2 (the age you can normally start taking from an IRA penalty free), whichever comes later–even if you no longer need the cash. Incredibly, there are three possible ways to calculate the periodic payout.
https://www.forbes.com/sites/janetnovack/2013/01/15/11-ways-to-tap-retirement-cash-early-without-a-10-penalty/
Once you reach that magic age, you can take out as much money as you want, in a lump sum or periodic payments, all subject to specific tax rules. Equal Payments One way to withdraw money from a traditional IRA early without the tax penalty is to take substantially equal periodic payments. This is a withdrawal plan that draws out a certain percentage of your contributions each year, based on an IRS formula for the amount in your fund and your life expectancy.
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If you lose your job and collect federal or state unemployment compensation for at least 12 consecutive weeks, you can use IRA withdrawals to pay for medical insurance for yourself, your spouse, and your dependents without penalty.
https://money.usnews.com/money/retirement/articles/2011/10/03/10-ways-to-tap-your-ira-early-without-penalty
Ultimate guide to retirement. You can take money out of your Roth IRA anytime you want. However, you need to be careful how much you withdraw or you may get stuck with a penalty. In order to make qualified distributions in retirement, you must be at least 59½ years old, and at least five years must have passed since you first began contributing. You may withdraw your contributions to a Roth IRA penalty-free at any time for any reason, but you'll be penalized for withdrawing any investment earnings before age 59 ½, unless it's for a qualifying reason. Money that was converted into a Roth IRA cannot be taken out penalty-free until at least five years after the conversion.
http://money.cnn.com/retirement/guide/IRA_Roth.moneymag/index5.htm
Well, the IRS views withdrawals from a Roth IRA in the following order: your contributions, money converted from traditional IRAs and finally, investment earnings. For example, let's say your IRA has $100,000 in it, $50,000 of which are contributions and $50,000 of which are investment earnings.
http://money.cnn.com/retirement/guide/IRA_Roth.moneymag/index5.htm
You can withdraw money from a traditional IRA without penalty before 59 1/2 if the distribution is due to death or disability, for medical expenses over 7.5 percent of your gross income, for educational expenses for you or a dependent or for a first-time home purchase.
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what is the earliest age you can take money out of your ira without penalty
At 59 and a half years of age, you can take money out of your individual retirement account without penalty. Out of your Individual retirement account, you can take money at the age of fifty nine and half without penalty.