10 Penalty-Fee Withdrawal Options For Retirement Plans, #240

Retire With Ryan

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When it comes to retirement plans, the general rule is that you can’t access funds in your retirement account(s), without penalty, until age 59 ½. If you withdraw funds prior to 59 ½, you’ll get hit with a 10% penalty and income tax (if coming from a non-Roth account). But there are some instances in which you can make withdrawals penalty-free. We’ll dive into this in this episode of Retire with Ryan.

You will want to hear this episode if you are interested in...

[0:55] Why you should hire a fee-only financial advisor
[2:32] When can you access retirement accounts?
[3:20] Way #1: Pay for unreimbursed medical expenses
[4:18] Way #2: If you become disabled
[4:53] Way #3: Pay for health insurance premiums
[5:43] Way #4: Death
[6:23] Way #5: Pay debt to the IRS
[6:50] Way #6: First-time home buyer
[7:34] Way #7: Higher education expenses
[8:31] Way #8: Substantial and equal payments
[9:52] Way #9: Terminal illness
[10:19] Way #10: Separation of service

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