How much can a person of retirement age withdraw from his retirement funds before their is a penalty?

For retirement accounts that are not annuity based, generally, there are minimum required amounts you must withdraw but no limits or caps on the maximum amount you can withdraw (unless you are under 70 1/2) Just keep in mind that it all may be subject to income taxes and you are giving up the benefit of tax deferred growth.

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Retirement benefits that are annuity based may or may not allow lump sum withdrawals, but if they do the amount will be reduced.

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As always, there are exceptions, so please seek additional advice before withdrawing your retirement funds.

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IRS Circular 230 disclosure (pursuant to U.S. Treas. Regs. governing tax practitioners): Any tax advice contained in this communication (including any attachments or enclosures) was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.