- If you pull money out before retirement age, there is a 10% potential.
- You may want to consider or at least look and see if there’s options for taking a loan from your retirement account rather than pulling the money out.
- Once you reach the age of 70 1/2, there’s something called required minimum distributions (RMD). So, if you have an IRA and have a ton of money in there, you know you’ve been saving it up, really doing a good job for retirement. Please make sure that you reach out to your financial advisors and find out about your RMD (required minimum distributions).
Hey everyone. It’s Shauna the Tax Goddess, here to you live for Taxgoddess.com. Today wanted to remind everyone two things about retirement accounts. One, if you pull money out early, before retirement age, there is a 10% penalty. So, you may want to consider or at least look and see there’s options for taking a loan from your retirement account rather than pulling the money out if you can.
Secondly, once you reach the age of 70 1/2, there’s something called required minimum distributions (RMD). So, if you have an IRA and you have a ton of money in there, you know you’ve been saving it up, really doing a good job for retirement and you hit that age of 70 1/2, please make sure that you reach out to your financial advisors and find out how much your RMD, required minimum distributions are.
So if you have any questions on that, or what it means, or what I’m even talking about in the first place feel free to reach out to us here at Taxgoddess.com, and we’ll be happy to give you some answers, and talk you through it. Hope you’re having a great day. Talk to you later.
