Getting Your Financial Ducks In A Row Rotating Header Image

9 Comments

  1. […] helping Steve through the couple of years before he reaches age 59½. Or perhaps one of the other exceptions to early withdrawal could apply for a portion of his income needs. At age 59½ he could have the entire amount rolled […]

  2. […] When you have a 401k plan and hard times befall you, you may wonder if there is a way withdraw money from your 401k. In some cases you can get to the funds for a hardship withdrawal, but if you’re under age 59½ you will likely owe the 10% early withdrawal penalty. The term 401k is used throughout this article, but these options apply to all qualified plans, including 403b, 457, etc.. These rules are not for IRA withdrawals (although some are similar) – see the article at this link for 19 Ways to Withdraw IRA Funds Without Penalty. […]

  3. […] you pay a 10% penalty in addition to the income tax on the distribution unless you meet one of the early distribution exceptions, such […]

  4. […] you pay a 10% penalty in addition to the income tax on the distribution unless you meet  one of the early distribution exceptions , such […]

  5. […] Upon reaching age 59½ you can access the funds without penalty – otherwise, unless you meet one of the early distribution exceptions, there is a 10% penalty imposed in addition to the income tax on the distribution.  At age 70½ […]

  6. […] be hit with an additional 10% penalty for an early withdrawal (unless your withdrawal meets one of these 19 exceptions). So now every dollar that you withdraw costs an extra 10 cents on top of the ordinary income […]

  7. dbwick says:

    given the recession, i’m wondering if any temporary relief has been enacted for unemployed persons who are not eligible for unemployment or who have exhausted UI benefits?

  8. klatt says:

    This was a good artical

  9. […] 19 Ways to Withdraw IRA Funds Without Penalty […]

%d bloggers like this: