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Is there an administrative fee or penalty for withdrawing my money?

There is no administrative fee or penalty for withdrawing the money you put into your Roth IRA. That’s your money and you already paid taxes on it. The interest your money has earned is taxable and possibly subject to a 10% penalty if withdrawn before you are age 59½. Please consult with a tax expert or financial advisor to determine what steps and restrictions may apply to you.

Articles in this section

  • My quarterly statements aren't available yet. How can I see my recent activity?
  • What do I do if additional information is needed to open my account?
  • How are my contributions made?
  • Will services be available in other languages?
  • Is there a limit to how much I can contribute?
  • Is my contribution pre-tax or post-tax?
  • What is the default contribution rate?
  • I’m self-employed. Can I set up my own MarylandSaves account?
  • Where do my contributions go?
  • Are there income limits to participate in MarylandSaves?
See more

Related articles

  • Can I make withdrawals? 
  • Can I opt out of automatic contribution increases?
  • Is my contribution pre-tax or post-tax?
  • What happens if I opt out?
  • Is investing in MarylandSaves WorkLife Savings Account the same as putting money in a bank?
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