If you’re planning for early retirement and have saved money in tax qualified accounts, there are some important considerations to be aware of. In this week’s episode of Grow Money Business, we are going to dive into how early retirees can avoid the 10% withdrawal penalty. Throughout the episode, we discuss the details of the early withdrawal penalty, some common misunderstandings about Roth IRAs, and the three options you can use to avoid the 10% withdrawal penalty when you decide to retire before 59½.
[01.02] Early withdrawal penalty – Grant explains the ins and outs of the early withdrawal penalty, which applies to distributions taken from an IRA or retirement plan before the participant is 59½ years old.
[05.15] 401k Distributions – Grant shares some important considerations if you plan to take distributions from your 401K before IRAs or Roth IRAs.