You can take money out of your account, which is a Roth IRA, at any time. There is no fee or penalty for withdrawing the contributions you make. However, investment earnings are subject to taxation and an additional penalty if taken out before you reach age 59½. There are penalties if you withdraw funds before you’ve had your first Roth IRA for five years. There are exceptions though. For example, if you’re a first-time homebuyer and your Roth IRA withdrawal may be tax-free if you have met the five-year requirement. Taking early withdrawals from Traditional IRAs may also be subject to income tax and penalty. That said, if you’re unsure about your status, it’s best to consult with a tax expert or financial advisor.