If you withdraw money from your IRA before you are 59, you will pay a 10% penalty on top of being taxed on the money as if it were ordinary income.
Types of Retirement Plans
If you withdraw money from your Roth IRA before you are 59, unless you qualify for medical or educational expense waivers, you will pay a 10% penalty plus you will pay tax on the earnings or profits from your investments in the Roth IRA.
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The impact from withdrawing early from your 401(k) depends upon the provisions of your particular plan. If you withdraw prior to age 59 and you qualify for certain hardship waivers, you may not have to pay the 10% penalty, but you should check first with your plan administrator. You may be able to borrow against your 401(k), but again, the terms will depend on your particular plan.
Defined benefit pension plans normally do not allow withdrawals prior to age 55 or 65, but some may allow you to take a loan against your accumulated assets. Check first with your plan administrator.