Experts say it is possible to withdraw retirement savings early and reduce potential penalties. Due to federal regulations, different plans have different rules about when and how much money can be taken out early, and how much you'll forfeit by doing so.
Marketwatch.com outlines some of the basics about early withdrawals from 401k plans, IRAs and other retirement vehicles. In particular, they highlight exceptions to the usual rules when it comes to medical expenses, disability, certain divorce settlements and more.
Many financial planners say it's important to leave retirement savings untouched before retirement to maximize returns, but life circumstances may require early withdrawals. To help your viewers/listeners/readers understand the ins and outs, interview a tax attorney in your area about the options.
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