Report Abuse. 1  Holy Moly Origin. 2  Holy Moly Meaning. 3  Mole pronounced moly is a type of sauce originating from Mexico.  It started in my young life in the 1940 s when we were interested in reading Captain Marvel Comics.
If you are over 59Â½, you may withdraw as much as you want so long as your Roth IRA has been open for at least 5 years. If you are under 59Â½, you may withdraw the exact amount of your Roth IRA contributions with no penalties. There are special exemptions for first-time home purchase and college expenses.
Once you reach age 59Â½, you can withdraw money without a 10% penalty from any type of IRA. If it's a Roth IRA, you won't owe any income tax. If it's not you will. If the money is deposited in a traditional IRA, SEP IRA, Simple IRA or SARSEP IRA you will owe taxes at your current tax rate on the amount you take out. For example, if you are in the 15% tax bracket, your withdrawal will be taxed at 15%.