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Exception 1: Active military reserve force can withdraw from their Traditional IRAs without penalty at any age. There are specific conditions to be met under this exception, including that you must be serving active duty at the time you make the withdrawal.

Exception 2: If you’re paying for education related costs for yourself, your children, grandchildren, or spouse, you can withdraw your traditional IRA funds early without penalty. Ensure that you check the IRS’s rules about this exception, as the school attended must meet their mandated requirements.

Exception 3: You can use up to $10,000 of your IRA funds without penalty if you use the money to help purchase your first home. Your spouse can also withdraw $10,000 from his or her own account as well. It says first time home buyer, but the real requirements are that you can’t have owned or lived in a home you owned for 2 years prior to the time you’re using the funds to buy a house. If your spouse owns the home you live in, you can’t tap into your IRA funds without penalty for a home purchase. Again, the money has to be used by you, your children, grandchildren, or spouse.

Exception 4: If you become totally disabled, your IRA money is available to you without penalty.

Exception 5: If you aren’t employed, you can withdraw from your IRA to pay your medical insurance payments.

Exception 6: If you’re the beneficiary of the IRA and the IRA holder dies, you can receive IRA payments.

Exception 7: If you have excessive medical bills, you can access your traditional IRA money to pay them.

Just remember you will not pay the 10% penalty but you must remember to pay income taxes on the amount you withdraw. Again, you should consult with your financial advisor before making any decisions.