By Investment U Research Team If you want to retire early, you absolutely need to avoid early withdrawal penalties when it comes to your retirement accounts. In fact, many early retirement withdrawal strategies will crush your savings! Worse still, they can get you into tax trouble. Needless to say, it’s best to sidestep them whenever possible.
The tax penalty for dipping into retirement funds early is a whopping 10% in most cases! That means you could be trimming your precious savings with every penalized withdrawal before age 59½. This applies to all qualified retirement accounts, including 401(k), 403(b), Traditional IRA and Roth IRA accounts.
Thankfully, …read more
