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Can a person begin to receive the accumulated amount in an IRA account before reaching sixty (60) years of age?

A person may receive a disbursement from an IRA account at any moment. However, if done before reaching sixty (60) years of age and the distribution was for an qualified reason, as a general rule, that person is subject to a 10% penalty imposed by the tax code or 15% in case of having chosen prepayment of contributions, as required by the Code.  

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FDIC Member. Products and services offered by Banco Popular de Puerto Rico.

1Withdrawals are subject to the availability of funds in your account.

2Deposits are subject to the provisions of the Bank’s Funds Availability Policy. Easy Deposit Mobile is a free service and only for Banco Popular customers with individual deposit accounts and/or commercial accounts (FlexiCuenta de Negocios® & B-Smart®). Customers selected in accordance with the Bank’s eligibility criteria. Checks deposited before 6:00 p.m. of a business day will be processed the same business day, subject to verification and deposit validation. In the back of the check to be deposited, enter your signature, account number and the phrase “For Deposit Only at BPPR.”