Withdrawing funds from your account

Can I withdraw my money?

The simple answer: yes. But what funds you’re withdrawing, when you’re withdrawing them, and why will affect whether you’ll have to face any taxes or penalties. That said, if you do need to take money from your account, you can simply make a withdrawal.

Your Colorado SecureSavings account is a Roth IRA and is designed to help you save for retirement over the long term, but we understand that each person’s situation is different. It’s your money, after all, and you can manage your account as you like.

Learn more about the possible tax implications of withdrawing funds

What happens if I withdraw money?

If you choose to withdraw money from your account, you could incur penalties and owe taxes.

piggy bank


Withdraw without taxes and penalties.

cash stack


Withdrawals may trigger taxes and penalties.

IRS criteria for withdrawals

Although you can withdraw your contributions at any time without taxes or penalties, the earnings on your contributions (that is, the interest and/or dividends on the money you have invested) are treated differently. If you take money out and you don't meet the IRS criteria for a “qualified” distribution, you will need to include the earnings in your income for the tax year. If you withdraw money from your account before you turn age 59½ by requesting a “nonqualified” distribution, you’ll pay a 10% penalty on the earnings portion of your distribution. You may wish to consult a tax advisor to be sure you understand the impact of any withdrawals you make.

Learn more about IRS criteria

Why is saving now so important?

Now is the time to start building a stable financial foundation. Investing in yourself lets you take control of your financial future; you decide how much to save and when to access your investment in the case of unexpected emergencies.

When it’s time to retire, for many of us, Social Security benefit payments won’t be enough

In fact, when the Social Security program was created, it was never meant to be one’s only source of retirement income.1 The average monthly Social Security benefit in 2023 is $1,857 ($21,924 per year).2 To help make ends meet and supplement any benefit payments you receive, it’s important to save early in a retirement savings program like Colorado SecureSavings.

Can I move my money to another IRA?

Yes. You are able to transfer savings in your account to another IRA you own without incurring a penalty or paying taxes, as long as the transfer takes place between the accounts. Just remember that the IRS lets you make only one rollover in a 12-month period and this limit applies to all IRA types (both Traditional and Roth).

Learn more about IRS limits for rollovers of retirement plans and IRA distributions

Have questions?
We have answers in our FAQs.

Read the FAQs

Access the forms you’ll need

You can do a lot with your Colorado SecureSavings account, and we provide the forms you may need to make use of of our most popular features.

Learn more about forms


1. What is the maximum Social Security benefit? AARP. https://www.aarp.org/retirement/social-security/questions-answers/maximum-ss-benefit.html. 

2. Bieber, C. (2022, January 17). Why Is 2022’s Average Social Security Benefit Lower Than You Might Expect? The Motley Fool. https://www.fool.com/investing/2022/01/17/why-is-2022-average-social-security-benefit-so-low/.