How To Avoiding the 10% Penalty for Early Retirement Account Withdrawals

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As a registered investment advisor with RFG Wealth Advisory, we specialize in full-service, comprehensive financial planning. We understand that unexpected circumstances may arise when you consider accessing your retirement account before the age of 59½. We are here to provide you with expert guidance to help you navigate this situation while avoiding the 10% early distribution penalty.

Questions to Ask About Retirement Account Withdrawals:

  1. Have you paid medical expenses worth more than 7.5% of your adjusted gross income during this year?
  2. Are you currently planning to purchase your first home soon?
  3. Are you making payments for higher education expenses for yourself, your spouse, or your dependents?

Your responses will help assess your eligibility for early withdrawal exceptions and determine the most suitable strategies for your specific circumstances.

While accessing your retirement account prematurely should typically be a last resort, certain situations may necessitate exploring this option. However, qualifying for the exception is only the initial step. It is crucial to ensure that the exception applies to your specific retirement plan type, and the expense for which you are withdrawing funds must be paid within the same calendar year as the distribution.

Checklist Here:

To provide you with valuable insights and guidance on avoiding the 10% early distribution penalty, we have created a resource titled “Avoiding the 10% Penalty in 5 Easy Steps.” This guide will walk you through the necessary considerations and steps to take to navigate this process successfully. To access the guide, please click the checklist button below.

If you have any questions or want to discuss your specific needs in more detail, call Chris Robinson, Lead Advisor at RFG Wealth Advisory in Argyle, Texas. Chris is well-versed in retirement planning strategies and can provide you with personalized advice based on your unique circumstances. Please feel free to call us today at 940-464-4104 to schedule a no-obligation call.

At RFG Wealth Advisory, we are committed to helping you make informed financial decisions. We provide the guidance and experience needed to navigate complex financial planning situations. We understand the importance of your financial well-being and are here to guide you every step of the way.

Thank you for considering us as your trusted financial partner. We look forward to speaking with you soon.



Avoid the 10% Penalty on Retirement Accounts Withdrawals Checklist

“These materials have been independently produced by RFG Wealth Advisory. RFG Wealth Advisory is independent of, and has no affiliation with, Charles Schwab & Co., Inc. or any of its affiliates (“Schwab”). Schwab is a registered broker-dealer and member SIPC. Schwab has not created, supplied, licensed, endorsed, or otherwise sanctioned these materials nor has Schwab independently verified any of the information in them. RFG Wealth Advisory provides you with investment advice, while Schwab maintains custody of your assets in a brokerage account and will effect transactions for your account on our instruction.”

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