Can I Withdraw From My Retirement Plan?

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   David RacichPRO

   Fountain Hills, Arizona

   Assuming you're addressing a qualified plan, withdrawals will be taxable at ordinary income tax rates and a 10% penalty if the withdrawals occur before 59 1/2. You may want to consider borrowing from your plan. There will be an interest charge and the loans have to be paid back, but the interest charge is generally less than the taxes and penalties.

   Answered on July 14, 2013

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