Tag Archives: early withdrawal penalty
Thinking about taking an early distribution from your 401(k), IRA, or other retirement plan? Typically, you’d face a costly 10% additional tax. However, thanks to the SECURE 2.0 Act, there are new exceptions that can help you avoid this penalty in difficult situations. On June 20, 2024, the IRS released Notice 2024-55, providing crucial details […]
— Read moreHaving an IRA savings in place is a great way to prepare for retirement. However, sometimes situations may arise in which you will need to withdraw your funds before you’ve reached retirement age. Typically, if you take money from your individual retirement account prior to age 59 ½, you’ll be subject to a 10% early […]
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