59 1/2 can I take money out of my IRA without penalties? Other?

[Joe Schultz]

I just turned 59 1/2 can I now take money out of my self-directed IRA (SEP) without any penalty?

If I do, does this require taking social security as retirement?

Notes:

I am sure that I will have to pay taxes on any that I take out, taxed as income.

I am considering this, mostly so that I could use on other deals (not separate from my regular income, savings.

Any thoughts on this would be appreciated.

Thank you, Joe

[Dmitriy Fomichenko]

Hi Joe, you should be able to take distribution from your IRA after 59 1/2 without penalties. But the amount will be taxable. This has nothing to do with your social security.

[Bruce D. Kowal]

As noted, the amounts withdrawn from an IRA are fully taxable as ORDINARY INCOME for Federal as well as State income tax. [You live in Texas, so there is no state income tax].   Be sure to pay estimated tax on this, otherwise you will have an unpleasant balance due next April 15.  This is NOT capital gain income,  but ordinary income tax.  Combined with other income it may push you into a higher tax  bracket.  Estimated taxes.  https://www.irs.gov/pub/irs-pd...

Congratulations on reaching 59 1/2!

[Joe Schultz]

Thank you