Withdrawals are penalty-free after age 59 ½, for the purchase of a first home, higher education or upon death. There is a required distribution at age 70 ½.

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* Taxable distributions are not subject to the 10 percent early withdrawal penalty if the individual is 59 ½, deceased, disabled, taking equal periodic payments over his/her life expectancy for at least five years or until age 59 ½, whichever comes later, or for college expenses, first-time home purchase up to $10,000, certain medical expenses and certain other uses.

Other types of IRA accounts
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Roth IRA
Coverdell Education Savings Accounts
Traditional IRA - Deductible