How much can I withdraw from my Later account?

You can make a withdrawal from your Acorns Later account at any time. Heads up - If your balance exceeds $50,000 we’ll break up your withdrawal into $50,000 increments when sending your funds back to you. 

It's important to know that your Acorns Later account is a special kind of account called an IRA (individual retirement account). IRA plans can come with some potential tax benefits as long as you meet certain IRS requirements — like being able to defer paying taxes until retirement.

But here's the catch: taking money out early could mean you have to pay taxes unless you meet specific exceptions. There may be an additional 10% penalty and potential income taxes. So, if you're thinking about taking money out of your Acorns Later account before you retire, you may want to speak with a tax professional or review the rules on withdrawing from an IRA.

Here's how to withdraw funds from your Acorns Later account.