BASKING RIDGE, NJ- Do you want to access money from your retirement accounts but aren’t sure of the true costs involved?
As vehicles designed for saving for retirement, most retirement accounts have a set age requirement you must reach before making penalty-free income distributions. The age requirement is usually 59 1⁄2 but is sometimes as early as age 50. This means that, if you decide to access your accounts earlier, you could face penalties ranging from 10%–25%—and that’s not even considering the income taxes you will also owe!
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