Retirement Planning Doesn t End At Retirement
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You will be redirected to another site to schedule your demo in 5 seconds. Going to the Scheduling Calendar. If you are experiencing financial hardship due to the coronavirus pandemic, you may want to consider withdrawing money from your retirement account while you still can. The special exemption allowing early withdrawals without a penalty ends soon.
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This exemption is only for withdrawals made by December 30, If you decide to withdraw money from your retirement account, you will still have to pay income taxes on the withdrawals, although the tax burden can be spread out over three years. If you repay some or all of the funds within three years, you can file amended tax returns to get back the taxes that you paid.
This step should not be taken lightly. But for some people, it may be the best option to pay bills and avoid running up high-interest credit card debt. For information from read article Consumer Financial Protection Bureau on how the withdrawal exemption works, click here.
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