What are the rules for withdrawals?
- Withdrawals are tax-free if you're age 59½ or older and you've held the account for at least 5 years.
- You're never required to make a withdrawal based on your age or other criteria.
penalty for withdrawal:
If you make a withdrawal of earnings before age 59½, there's a 10% federal penalty tax unless an exception applies.
Withdrawals from your contributions are always penalty-free.
for details, please refer to:
www.schwab.com/public/schwab/investing/retirement_and_planning/understanding_iras/roth_ira/withdrawal_rules
and
retireplan.about.com/od/iras/a/roth_ira_withdrawal.htm
