As a retirement account owner, you’ve probably heard warnings about the 10% early withdrawal penalty. This applies to taxable distributions made before age 59½. While tapping your retirement savings early should be considered a last resort, there are exceptions to this rule if you need to access your money early? Expenses such as medical bills, buying your first home, and higher education may qualify as exceptions. This could allow you to withdraw early without penalty. However, there are specific criteria that must be met for an exception to qualify.
Do you have more questions about your retirement account distributions? Contact Chris Robinson with RFG Wealth Advisory at 940-464-4104 to schedule a time to visit.
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