What are early withdrawal penalties for retirement accounts?
An example of an AI chatbot conversation about early withdrawal penalties for retirement accounts.
What are early withdrawal penalties for retirement accounts?
Early withdrawal penalties are fees charged when you take money out of your retirement account before a certain age, usually 59½.
How much is the penalty typically?
The typical penalty is 10% of the amount withdrawn, in addition to any regular income tax you may owe.
Are there any exceptions to this penalty?
Yes, there are exceptions, such as for first-time home purchases, certain medical expenses, or if you become disabled.
What should I consider before withdrawing early?
Consider the long-term impact on your retirement savings, tax implications, and whether you qualify for any exceptions.
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