Latest News
Your retirement account should not be your emergency fund.
We all know retirement accounts give you some great tax breaks. But if you withdraw funds from your retirement accounts early, you usually pay an early withdrawal penalty unless that withdrawal falls into one the exception categories, plus income tax if the money came from a traditional IRA or 401(k). A recent survey from T.D. Ameritrade found that approximately 46 percent of 40-somethings reported withdrawing money from their retirement accounts. The attached article explains why that’s a problem and what you can do instead if you’re in need of some quick cash. Read article here…
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.