NextPrevious

Taxes

Retirement Taxes

But what happens if I make a withdrawal from my retirement plan before I reach age 59½?

If you make withdrawals from a retirement plan before you reach age 59½, the IRS assesses a 10% penalty on the amount you withdraw. Some retirement plans allow you to pay taxes now on contributions, instead of when you retire.



Close

This is a web preview of the "The Handy Investing Answer Book" app. Many features only work on your mobile device. If you like what you see, we hope you will consider buying. Get the App