Generally, you can take penalty free distribuions from your IRA after you reach 59 1/2.

If you are withdrawing prior to age 59 1/2 for education expenses you'll be able to avoid the 10% early withdrawal penalty.  Eligible educational expenses include tuition, fees, books, supplies and equipment and possibly room and board.  These expenses can be for you, your spouse, children and even grandkids.

You won't get the early penalty free witjhdrawal from your 401k or active employer plan.  Move any elegible assets to your IRA first!  Read our Rollover section.