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 smoran@redbarnfinancial.com visit www.redbarnfinancial.com or call 615-619-6919
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