Early Money is Expensive

Podcast: Download

There may come a time when you need to access your retirement accounts earlier than you intended. Be forewarned, it’s expensive – meaning, you’ll pay a 10% early withdrawal penalty plus income tax, which can erode half of the distribution. So, while the income tax cannot be avoided on early distributions, the 10% early withdrawal penalty can sometimes be avoided. Meaning, there are exceptions to the rules!

1. Exceptions that apply to distributions from both company plans and IRAs

2. Exceptions that apply only to distributions from IRAs

3. Exceptions that apply only to distributions from company plans

It’s important to know which exceptions apply to which plan, otherwise you could be in trouble!

Tune in to find out more.

Tune in on your radio today at 10 AM to WTCM NewsTalk AM 580 to hear the live show.