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Episode 3390:
Jeff Rose breaks down practical ways to access IRA funds without paying the early withdrawal penalty, offering guidance for those facing medical bills, unemployment, education costs, or even buying a first home. This article is a must-listen for anyone navigating financial hardship while trying to protect their retirement savings.
Read along with the original article(s) here: https://www.goodfinancialcents.com/how-to-tap-your-ira-with-no-penalty/
Quotes to ponder:
"Just because you can touch your retirement money with no penalty, doesn’t mean that you don’t have to pay the tax."
"If you find yourself being recently let go and so as long as you receive unemployment for 12 consecutive weeks, then you are allowed to tap your IRA to pay for health insurance premiums for yourself and your family."
"You can use your IRA money penalty-free to help with the cost to include: tuition, fees, books, supplies, room and board, and required equipment."
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Optimal Finance Daily - Financial Independence and Money Advice