Since you are not permitted to borrow from your Individual Retirement Account, you can make a penalty-free withdrawal under certain circumstances. The 10% penalty that applies to most early withdrawals from IRAs (before the account owner reaches age 59½) will not apply to the following types of withdrawals:
* If these distributions are made from a Roth IRA, they will also be tax-free provided the Roth IRA was held five years or more.
IMPORTANT NOTE: Be careful not to jeopardize your retirement savings by making withdrawals from your IRAs. Explore other ways to borrow first.
Investment products and services are offered through INFINEX INVESTMENTS, Inc. Member FINRA/SIPC. The Investment Center at South Shore Bank is a trade name of the Bank. Infinex and the bank are not affiliated. Products and services made available through Infinex are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value.