2 Answers

Yes, you can.  There are circumstances that allow you to withdraw from your IRA or Roth IRA before age 59 1/2.  For example, if you can show the IRS that such withdrawal is used to fund your child's college education, then you could be able to do so, penalty free.

Yes. You will be fined for it and lose a lot of your hard earned money. The money people planned this years ago. They planned to make people have to take their money out before time so they'd lose a lot. It's also evident in the reverse mortgage that is being promoted now. The money people have made things so out of kilter that anyone who owns property is having to get reverse mortgage just to be able to survive. Their children will not get any inheritance. Not only have wages not kept up with costs of living, but there is no way to find a way to change things.