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Ep. 82 - Early Retirement Account Withdrawals - What You Need to Know
Manage episode 439388612 series 3559080
Treść dostarczona przez Sean Moran. Cała zawartość podcastów, w tym odcinki, grafika i opisy podcastów, jest przesyłana i udostępniana bezpośrednio przez Sean Moran lub jego partnera na platformie podcastów. Jeśli uważasz, że ktoś wykorzystuje Twoje dzieło chronione prawem autorskim bez Twojej zgody, możesz postępować zgodnie z procedurą opisaną tutaj https://pl.player.fm/legal.
Pitfalls of Early Retirement Account Withdrawals
The video provides information about early withdrawals from retirement accounts. The speaker discusses what an early withdrawal is, the penalties associated with it, and the circumstances under which you may be able to avoid those penalties. Some of the key points from the video include:
- Early withdrawals are any withdrawals taken from your retirement account before you reach age 59 and a half.
- Early withdrawals are subject to a 10% penalty on top of the regular taxes.
- There are some exceptions to the 10% penalty, including death, permanent disability, unreimbursed medical expenses, birth or adoption, qualified higher education expenses, first-time homebuyer expenses, military reservist duty, and rollovers.
- It's important to consult with a financial advisor or tax professional to determine if you qualify for any of the exceptions and to understand the potential tax implications of taking an early withdrawal.
Disclaimer: This is not tax, legal or investment advice. Each person's circumstance is different and your situation may be different. Feel free to reach out for a consultation. Contact [email protected] visit www.redbarnfinancial.com or call 615-619-6919
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