Taking Penalty-Free Withdrawals From Your IRA
- Topics:
- Retirement
- Tags:
- Asset Management,
- Business Operations,
- Finance,
- Financial Planning,
- Free Trade,
- Investopedia,
- Operational Accounting,
- Operational Planning,
- Taxes
- Source:
- Investopedia
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Overview: The contributions one makes to one's IRA are intended to supplement the income during one's retirement years. As much as one would like to let their IRAs remain untouched until retirement, unforeseen expenses may force one to distribute some of those assets prematurely. Should one decide to take a distribution from one's IRA, these distributed amounts may be subject to federal and state taxes, and, if one is under the age of 59.5, they may be assessed an additional 10% early-distribution penalty. The IRS imposes this penalty to deter people from taking premature distributions from their retirement accounts.
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Format: HTML | Date: Nov 2002 | Pages: 3
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