When Can Someone Withdraw Money from a Roth IRA Without Owing Income Taxes?

You can withdraw money that you have contributed to a Roth IRA (i.e., your own money) at any time because the account was funded with after-tax dollars on which income taxes were already paid.

You can withdraw the earnings from a Roth IRA tax free in the following situations:

1. You have reached the age of 59½, and at least five years have passed since your Roth IRA account was opened. Earnings can be withdrawn tax-free beginning on the first …

How Long Do You Need to Work to Receive Social Security Retirement Benefits?

To qualify for Social Security retirement benefits, you must generally have “40 quarters of coverage.” This means that you must have been working for 10 years and earning at least the minimum income (adjusted annually for inflation) required to receive a quarter of coverage.

For example, in 2017, you can receive one quarter of coverage for each $1,300 of earnings, up to the maximum of four quarters of credit per year. Thus, the maximum amount of income needed to earn …

How many years of work are Social Security benefits based on?

Social Security benefits are based on average income over your 35 highest-earning years. If you have more than 35 years of earnings, the lowest earning years of your work history are dropped. If you have fewer than 35 years of earnings, years with zero earnings are averaged in to the calculation.

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What is the full retirement age for baby boomers and those who follow them?

Full retirement age is the age that someone must attain to receive a full (unreduced) Social Security benefit. Full retirement age used to be age 65 but has been gradually increasing in recent years and depends on the year that a person was born. Baby boomers were born from 1946 to 1964.

Therefore, their full retirement age is as follows:

Year of Birth / Full Retirement Age

  • 1943 to 1954: Age 66
  • 1955: Age 66 and 2 months
  • 1956: Age