How to Avoid Early Withdrawal Penalties

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Thinking about tapping into your retirement savings early? The IRS might have a 10% surprise waiting for you. Withdrawing money before age 59½ from a traditional IRA or 401(k) can trigger not just regular income taxes, but also hefty penalties. In this episode, Scott explains the rules around early withdrawals and why understanding them can save you thousands.

Here’s what we cover in this episode:

💸 The 10% IRS penalty trap explained

⏳ Why 59½ is the magic age to remember

🏠 Key exceptions: home purchase, education, medical expenses

🛠️ Planning strategies like the Rule of 55 and 72

🔑 Why preparation prevents regret later in retirement

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