Ask Terry Questions Withdrawing money

Withdrawing money

By Terry Savage on August 06, 2023 | Credit/Debt

I am financially struggling right now and need the money from my retirement. How can I withdraw this money ASAP?

Terry Says

You didn’t tell me all the important facts! WHERE is your retirement money??
Is it in a 40l(k) plan at work? If so, you may be able to borrow from it.
If it’s in an IRA, you will pay a steep penalty for withdrawals under age 59-1/2, plus ordinary income taxes on the withdrawal.
If your “retirement” is Social Security, sorry but you have to wait until you’re at least 62.

Please write back with more details!

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