Ed Slott and Company - IRA training, resources for financial advisors, consumers
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No Exception to Early Distribution Penalty for Financial Hardship
When you encounter tough economic times, you may be tempted to tap your retirement plan. If you are considering this, you will want to proceed carefully. If you are under age 59 ½, any distributions you take may be taxable and also subject to the 10% early distribution penalty. Whether or not there is an exception to the penalty for financial hardship is a common misconception.