You may withdraw Traditional IRA assets without penalty on or after reaching age 59½. Federal tax law requires that you begin to receive minimum distributions from a Traditional IRA no later than April 1 of the year following the calendar year in which you reach age 70½.

IRA withdrawals are subject to federal income tax. Additionally, withdrawals made before age 59½ may be subject to a 10 percent federal tax penalty. Exceptions to this 10 percent penalty include distributions that are rolled over to another IRA or qualified plan and qualified distributions for:

. Certain higher education expenses.
. Certain costs incurred by a qualified first-time home buyer.
. Certain medical expenses or medical insurance costs.
. Certain disabilities.
. Certain IRS levies.
. Your designated beneficiaries or your estate because of your death.
. Substantially equal periodic payments over your life life expectancy or joint life expectancy of you and your beneficiary.