Ask Terry Questions Early withdrawal from IRA

Early withdrawal from IRA

By Terry Savage on February 07, 2021 | Financial Planning / Retirement

What are the tax penalties to take an early withdrawal from an Ira

Terry Says

Just don’t do it! If you’re under age 59=1/2 you pay a 10% penalty PLUS ordinary income taxes. And you’ll be broke when you’re old! You can make it without doing that! Just like you can’t get an advance on your Social Security, don’t take an advance on your IRA!

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