You can accept distributions from your IRA (including your SEP-IRA or SIMPLE-IRA) at any time. There is no need to show difficulties in receiving a distribution. Technically, an IRA owner can withdraw money (by taking distributions, in terms of the Internal Revenue Service (IRS)) from an IRA at any time. However, if it occurs before age 59 and a half, the account owner is likely to incur a 10% penalty for early withdrawal in addition to income taxes.
Taxes and penalty amount also depend on the tax deductibility of contributions (determined by whether the account holder also has an employer-sponsored retirement plan). An Individual Retirement Account (IRA) lets you save money for tax-advantaged retirement. The next IRA milestone is 72 years, after which an account owner must start accepting RMDs from traditional IRAs. IRA distribution rules allow you to use traditional IRA money to pay for higher education expenses not only for yourself, but also for your immediate family members (your spouse, children, and grandchildren).
If you are concerned about overstepping your retirement plan or mismanaging your IRA early in retirement, you can choose to transfer your IRA to an annuity. If you inherited an IRA from a spouse, you can designate the account holder or transfer it to an IRA you already own. A financial planner can help you determine if you should convert some or all of your traditional IRA funds into a Roth IRA.