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10 Penalty-Fee Withdrawal Options For Retirement Plans, #240

Retire With Ryan

Release Date: 02/11/2025

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More Episodes

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

Connect With Morrissey Wealth Management 

www.MorrisseyWealthManagement.com/contact



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