What are the withdrawal rules for retirement accounts?
An example of an AI chatbot conversation about withdrawal rules for retirement accounts.
What are the withdrawal rules for retirement accounts?
Withdrawal rules vary by account type. For example, with a 401(k), you can start withdrawing at age 59½ without penalties.
Are there penalties for early withdrawal?
Yes, if you withdraw funds before age 59½, you may face a 10% early withdrawal penalty, plus income tax on the amount.
What about Roth IRAs? Can I withdraw contributions anytime?
Yes, you can withdraw your contributions to a Roth IRA anytime tax-free and penalty-free, but earnings have different rules.
What happens if I don't withdraw by age 72?
If you don't take required minimum distributions (RMDs) by age 72, you may face a 50% penalty on the amount you should have withdrawn.
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