Boss Financial Solutions

If you find yourself looking for a quick source of cash, your retirement savings may be a tempting option. However, if you are under age 591/2 and plan to withdraw money from a traditional IRA or qualified retirement account, you will likely pay both income tax and a 10% early-distribution penalty on any previously untaxed money that you withdraw.

Looking for Quick Cash? Try to Avoid Retirement Savings If you find yourself looking for a quick source of cash, your retirement savings may look like a tempting option. However, if you are under age 59½ and withdraw money from a traditional IRA or qualified retirement account, you will likely pay both income tax and a 10% early-distribution tax (also r...