You can withdraw money that you have contributed to a Roth IRA (i.e., your own money) at any time because the account was funded with after-tax dollars on which income taxes were already paid. You can withdraw the earnings from a Roth IRA tax free in the following situations:
1. You have reached the age of 59½, and at least five years have passed since your Roth IRA account was opened.
2. You want to use the money to become a "first-time homeowner," which means someone who has not owned a house during the past two years. Withdrawals of up to $10,000 are allowed.
3. You are disabled.
In addition, if a Roth IRA owner dies, his or her named beneficiaries can make tax-free withdrawals.
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