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How to avoid early withdrawal penalty
There may be a time when you have exhausted your emergency fund but still need money; do you turn to your IRA or 401(k) funds and accept the early withdrawal penalty? Although IRS does not recognize being flat broke, there are situations when an individual can make withdrawals from their 401(k) or IRA before the age of 59 ½ without paying the 10 percent penalty. What are they? Sheyna Steiner and Brian Baker, writing for Bankrate, explains the eight ways to take penalty-free withdrawals from your IRA or 401(k) retirement funds. Read their article here…
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