Can I Withdraw Money From My Retirement Plan?
61667 POINTSview profileSteve SavantSyndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale ArizonaIt's your money, so you can withdraw money from your retirement plan. But should you? Your retirement plan should be the last resource for money needs. Withdrawals are treated as an ordinary income tax event and will trigger a 10% penalty for early withdrawal if you're under 59 1/2. You could borrow, but there is an interest charge and a payback schedule for most plans.Answered on August 2, 2013flag this answer- 61667 POINTSview profileSteve SavantSyndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale ArizonaRetirement plans, weather qualified or no-qualified are personal property or assets. Each plan and it's associated product may have penalties and surrender charges as ell as possible ordinary tax consequences for withdrawals. Qualified plans general spell out the ramifications of withdrawals in the retirement plan documents.While reviewing those documents, search for the borrowing provisions of the plan that may be a better option than withdrawing.Answered on September 4, 2013flag this answer
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