Sometimes, early withdrawal penalties don’t apply

Sometimes, early withdrawal penalties don’t apply
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WED, AUG 22, 2018
YOUR WEALTH
Straight Talk from the Money Editor
OK, if you are really intent on tapping into a retirement account early, there are actually ways you might be able to avoid those nasty early withdrawal fees. However, before you proceed, allow me to be the voice of reason and point out that it is almost always a very bad idea to make early withdrawals from your retirement accounts.

Granted, money experts say there are ways to lessen that early withdrawal penalty should you really need the money. But they also point out that there’s a lot of confusion around when a penalty does and does not apply. If you absolutely need to make an early withdrawal, make sure you consult with a CPA, tax expert or financial professional because the rules are tricky and can prove very costly if you make the wrong decision.

For more cool stuff like this, please follow me on Twitter @jimpavia.

For more, check out CNBC’s Financial Advisor Hub.

Jim Pavia

@JIMPAVIA

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@sharon_epperson
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@ReformedBroker
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