Episode 77: "Need to Tap Your Retirement Early? 20 Ways to Avoid the 10% Penalties

Taking money out of your retirement accounts before age 59 ½ usually triggers a 10% early withdrawal penalty – the good news is there are actually 20 (and soon to be 21) instances where you can AVOID the penalty!In part 2 of our 2-Part series, retirement experts Tom Mosley and Kristin Oakley walk you through more of the real-life situations where early withdrawals from your IRA, 401K, 403(b), and other “4-plans” may be penalty-free. From first time home buying to Higher Education and medical expenses, discover the little-known exceptions that can help you access your retirement funds without getting hit with an extra tax bill.If you’re facing a financial emergency – or just want to be prepared – this episode is a must listen. You’ll learn how to make smarter, penalty-free decisions in tough times, and why having a personalized retirement blueprint can make all the difference. Discover:•Why people withdraw early – and what options they may not know about•The 21 Exceptions to the 10% early withdrawal penalty•Why planning ahead can help you avoid regret
#IRAWithdrawl #RetirementPlanning #RetirementAccounts #Tom Mosley #EarlyWithdrawalPenalty #RetirementStrategies #401kStrategy Jump to a segment using the 𝘁𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀 𝗯𝗲𝗹𝗼𝘄! 👇TIMESTAMPS00:00 Intro02:15 Recap of last week’s shows: Why people are withdrawing early.05:08 Recap of exemptions related to Retirement Plans & IRAs. 06:24 Exemptions that are related to ONLY IRA withdrawals.14:00 Exemptions that are related to ONLY Workplace Retirement Plans.31:12 Upcoming 21st “exception” to early withdrawal penalties.32:40 Who can use the 10% penalty exception.38:00 Recent Super Catch-Up Contributions for People 60-63
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