Can I borrow from my IRA?

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Jason Preti, CFP®

@JasonPreti • 06/21/16 This answer was first published on 06/21/16. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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No, you can't "borrow" from a traditional IRA account. There is a way to get access to the funds for 60 days (look up 60 day rollover) but it is not a recommended tactic. Generally, once you deposit funds into a traditional IRA any time you make a withdrawal it's for good.

If you are talking about a Roth IRA, however, there is a way to gain access to your contribution amount without paying penalties. Roth IRA accounts (Not a Roth 401k) do allow you to take out your contribution at any time. So if you have contributed $5,000 each year for 5 years you'll be able to withdraw up to $25,000 at any time. Again, not ideal because this is your retirement account but in an emergency it's available.

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