Do you know what is the earliest age you can be and still be eligible to withdraw money from a deferred retirement account without penalty?
early distribution
How Does an Early Withdrawal from a Retirement Plan Affect My Taxes?
Oftentimes we are faced with difficult situations in life – where we need extra money to pay for a major car repair, a new roof for the house, or just day-to-day living expenses – and our emergency funds are all tapped out. Now your options become poor: should I go to a payday loan place, put more on my credit card? My mortgage is upside-down so there’s no home equity loan in my future, and I can’t ask my folks for a loan, I’ve asked them for too much. Hey, what about my retirement plan? I’ve got some money socked away in an IRA that’s just sitting there, why don’t I take that money? It’s really tough to be in a situation like this, but you need to understand the impacts that you’ll face if you decide to go the route of the IRA withdrawal, especially if you’re under age […]