This is something I just heard about recently. Supposedly you can take money out each year without the penalty but it needs to be a consistent amount each year. I’m very sketchy on the details.
Here is a site with details: http://retireearlyhomepage.com/wdraw59.html
This from the web site:
Fortunately, there is a loophole known as a “72(t) exception”. Under current tax law (Internal Revenue Service Code Section 72(t)(2)(a)(iv)) you can avoid the 10% penalty tax if you take “substantially equal periodic payments.” The Internal Revenue Service 1989 Cumulative Bulletin (Notice 89-25 on Page 666) tells you how to calculate what it considers to be “substantially equal periodic payments”. IRS Revenue Ruling 2002-62 adds additional details and clarifies some issues pertaining to IRA early withdrawals. All of these engrossing volumes are very likely available at your local law library
bump for later
http://www.forbes.com/sites/advisor/2012/02/13/the-72t-early-distribution-from-your-ira/
The 72t Early Distribution From Your IRA
Jim Blankenship, CFP, EA Jim Blankenship, CFP, EA, Contributor