Thursday, May 7, 2009

EARLY WITHDRAWAL FROM RETIREMENT ACCOUNTS CAN BE REALLY EXPENSIVE

I have received a lot of questions lately from people that are considering taking cash out of their pension plans before retirement. The taxes and penalties triggered by early withdrawals from 401(k)s and IRAs can be quite harsh.

The attached article from the Wall Street Journal provides a good summary of the costs involved.

The Wall Street Journal/Dow Jones Newswires (5/6)