re: Taking out money from a retirement account?

For a Roth, you can take out at any time without penalty up to the amount you have put in. Anything above that is treated much like a traditional IRA, i.e. interest and penalties do apply.

Example: Les Miles and John Chavis each contribute $1000 to their Roth accounts. At the end of the year, Miles' account is worth $1100 and Chavis' is worth $900.

Miles can take out $1000 without penalty. Chavis can take out the full $900, again without penalty. If Miles takes out $1100, he will owe tax and penalties on the last $100.