- Permanent disability of the IRA owner.
- Death of the IRA owner.
- If you are seriously ill or injured and require prolonged or expensive medical care, Uncle Sam will waive the early withdrawal fee on the condition the expenses are in excess of 7.5 percent of your adjusted gross income.
- Withdrawals are used to pay for a first-time home purchase.
- Certain higher education costs for you, your spouse, children or grandchildren can be withdrawn penalty-free. However, you may still owe federal income tax, so you should check the IRS tax code.
- The money is used to pay back taxes to the IRS after a levy has been placed against the IRA.
- If you are out of a job and have been paid unemployment for more than 12 weeks, you can use the money to pay medical insurance premiums.
- You reach the retirement age of 59 ½.
The following is a quick summary of each IRA.
Traditional IRAs
- Tax deductible contributions (depending on income level).
- Withdraws begin at age 59 1/2 and are mandatory by 70 1/2.
- Taxes are paid on earnings when withdrawn from the IRA.
- Funds can be used to purchase a variety of investments (stocks, bonds, certificates of deposits, etc.).
- Available to everyone; no income restrictions.
- All funds withdrawn (including principal contributions) before 59 1/2 are subject to a 10% penalty (subject to exception).
- Roth IRA Profile
- Contributions are not tax deductible.
- No mandatory distribution age.
- All earnings and principal are 100% tax free if rules and regulations are followed.
- Funds can be used to purchase a variety of investments (stocks, bonds, certificates of deposits, etc.).
- Principal contributions can be withdrawn any time without penalty (subject to some minimal conditions).
Both IRAs can be opened through a bank or brokerage house. Opening fees differ, but are dramatically less than other types of investment accounts.
Seems like a Roth IRA is definitely the way to go. At least that way you know what you're really working with in your IRA!
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