Can I Withdraw From A Retirement Plan?

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   Steve Savant

   Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona

   Withdrawing from your qualified retirement plan may will trigger an ordinary income tax event with an additional 10% penalty if you're under age 59 1/2. You may be able to borrow from your retirement plan if the plan allows for participant loans. There will be loan charges and more than likely a repayment schedule. Most advisers highly caution plan participants in accessing early withdrawals or loans from retirement plans. It should be the last resource you turn to for your cash flow needs.

   Answered on September 10, 2013

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