When it comes to retirement plans, the general rule is that you can’t access funds in your retirement account(s), without penalty, until age 59 ½. If you withdraw funds prior to 59 ½, you’ll get hit with a 10% penalty and income tax (if coming from a non-Roth account). But there are some instances in which you can make withdrawals penalty-free. We’ll dive into this in this episode of Retire with Ryan.
You will want to hear this episode if you are interested in...
- [0:55] Why you should hire a fee-only financial advisor
- [2:32] When can you access retirement accounts?
- [3:20] Way #1: Pay for unreimbursed medical expenses
- [4:18] Way #2: If you become disabled
- [4:53] Way #3: Pay for health insurance premiums
- [5:43] Way #4: Death
- [6:23] Way #5: Pay debt to the IRS
- [6:50] Way #6: First-time home buyer
- [7:34] Way #7: Higher education expenses
- [8:31] Way #8: Substantial and equal payments
- [9:52] Way #9: Terminal illness
- [10:19] Way #10: Separation of service
Resources Mentioned
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