You always have access to the money in your IRA, but there may be certain restrictions, taxes, and penalties based on your age and the type of IRA you own.

• Distributions Before Age 59½
• Distributions After Age 59½
• Required Minimum Distributions At Age 70½
• Annuity Income Options

Distributions Before Age 59½
If you withdraw money from a Traditional IRA, Rollover IRA¹ or a SEP-IRA, you must pay income taxes on the money. You'll also be assessed a 10% federal penalty tax unless you meet the special criteria noted below. This penalty tax applies only to the taxable amount of the distribution, not the amount attributable to non-deductible contributions.

If you withdraw money from a Roth IRA, you will not be taxed or pay a penalty on the contributions you withdraw, but your earnings will be taxed as income unless the withdrawal is a "qualified distribution." This means you must own the account for at least five years and either:

• Withdrawals are made after attaining age 59½. (See below)
• You die or become disabled.
• You use the distribution to purchase a first time home (up to $10,000).

You will also be assessed a 10% federal penalty tax for non-qualified distributions and for any Roth conversion amounts withdrawn within five years of the time of conversion unless you:

• Die or become disabled.
• Reach age 59½.
• Use the distribution for qualified higher education expenses such as tuition for you or your dependents.
• Use the distribution for a first-time home purchase ($10,000 lifetime limit).
• Use the distribution for deductible medical expenses, or to pay medical insurance premiums while you are unemployed
• Use the distribution for an IRS levy on the IRA.
• Take the distribution in a series of substantially equal annual payments for five years or until age 59½, whichever comes later.
• Take the distribution as a timely removal of an excess contribution.
• Meet exemptions for Qualified Reservist Distributions or Hurricane Related Relief.

Please contact the IRS and/or your tax advisor for a detailed explanation of these exemptions before making any distribution decisions.

Distributions After Age 59½
After you reach age 59½, you can take money out of a Traditional IRA, Rollover IRA, or a SEP-IRA whenever you want for any reason without any early distribution tax penalty. However, you must pay ordinary income tax on any tax-deductible contributions you previously made and on all accumulated earnings that are included in your distribution.

If you're age 59½ and you've owned a Roth IRA for at least five years, you can withdraw funds tax-free. If you've owned a Roth IRA for less than five years, you will pay income taxes on the earnings, but no penalty tax.

Required Minimum Distributions At Age 70½
As with other tax-deferred retirement savings vehicles, you are required to take at least a minimum distribution from your Traditional IRA, Rollover IRA, and SEP-IRA each year beginning with the year you turn 70½. (There is a 50% penalty tax on amounts that are not distributed.) The distribution for the year you turn 70½ may be delayed until April 1 of the following year. The distribution for each year after you turn 70½ must be taken by December 31. If you wait until April 1 to take the first distribution, you will have to take two distributions in the same year.

Dreyfus is required to withhold 10% of your Traditional, Rollover and SEP-IRA distributions for federal income tax purposes unless you elect on our distribution request form not to have taxes withheld. This withholding applies to the total amount of each distribution even if part of it is attributable to nondeductible contributions.

If you opt out of withholding or do not have enough tax withheld, you may have to pay taxes and you may incur penalties if estimated tax payments are insufficient.

If you are entitled to receive a distribution from a retirement plan, the plan administrator is required to provide you with a detailed notice explaining the applicable tax rules. For more specific information about distribution rules — including information on the required minimum distribution regulations and how they apply to your particular situation — contact your financial advisor, and/or tax professional.

Annuity Income Options
When you're ready to receive your money in retirement, you can take your distribution as a lump sum — a single payment of money — or you can put your money into an annuity² and receive a series of payments for a period of years or for life.

The advantage to the lump sum method is you get all of your money at once, but you have to pay taxes on all of your money up front, most likely at a higher rate, thus costing more in taxes.

The advantage to the series of payments method is you automatically receive money at regular intervals, don't have to worry about making withdrawals or re-investing unused portions, and can arrange for your spouse to continue to receive payments after your death.

Learn more about annuities and insurance offered through Dreyfus. When you're ready to access your retirement money, talk with your financial advisor first or call us at 1-800-896-2645 for assistance.

1. Since 2006, certain retirement plans have been permitted to allow participants to designate some or all of their deferral contributions as "Roth Deferral Contributions." Roth contributions may only be rolled over to a Roth IRA. This section assumes that a Rollover IRA is a Traditional IRA and therefore does not include money rolled over from a Roth retirement account

2. Variable annuities are complex investment vehicles. Before you invest, be sure to ask your sales representative about the variable annuity's features, benefits, risks and fees and whether the variable annuity is appropriate for you based on your financial situation and objectives.

This information is general in nature and not intended to constitute advice. Please consult your tax advisor for more detailed information on tax issues and advice on your specific situation.

Annuities are not short-term liquid investments. Upon withdrawal, the amounts available to you may be worth more or less than the original amount invested. Consult a tax advisor regarding annuity taxation as it applies to your circumstances.

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