What are the rules for withdrawing from my retirement account?
The rules for withdrawing from a retirement account depend on the type of account you have. For example, with a 401(k), you can typically start withdrawing at age 59½ without penalties.
Are there any penalties if I withdraw earlier?
Yes, if you withdraw funds from your retirement account before age 59½, you may face a 10% early withdrawal penalty, in addition to regular income tax.
What about Roth IRAs? Can I withdraw my contributions anytime?
Yes, with a Roth IRA, you can withdraw your contributions at any time without penalties or taxes, but earnings have different rules.
What happens if I take out a loan against my 401(k)?
If you take a loan against your 401(k), you must repay it with interest, and failure to repay can result in taxes and penalties.
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