10 Ways to Tap Your IRA Early Without Penalty

Reader Comments
Back to article

i am 61 and had to tap my ira for medical bills and the ira midland charge me 2.000$ for 10,000$ is this right and can i deduct this charge , help please

scott of FL 4:00PM February 16, 2012

And another reason NOT to move your 401k to an IRA..., if you terminate employment the year you turn 55 or after, you can access your 401k funds in ANY amount WITHOUT penalty.

Ken of TX 11:04AM December 07, 2011

When a person works their entire life, paying into Social Security and trying to build some kind of nest egg to live on, why in the hell is there any penalty for using your money? Why can you not just invest Your Money and draw what you need to live on with out having to pay a penalty? Why does our own Government set themselves up to be exempt from this kind of Crap? I have worked all my life, paying taxes, paying into Social Security for my families future...Now that I get close to having a chance to retire and enjoy a few non-working years, We get new rules about what we are allowed to do with the money we worked for and saved...Something is very wrong with our system here.

Steve Walker of AR 8:08PM December 06, 2011

When are the retirees going to get a break when taking out small investments to pay off mortgages, etc. without worry about losing their homes? With all the defaults on mortgages, those that have been frugal and not splurged on homes they could not afford, should be allowed to withdraw any funds they have saved to pay off their mortgages in retirement without having to pay a huge percentage in taxes. Especially by the age of 70. There should be no taxes on amounts up to a certain limit for paying off mortgages for retirees!

Carolyn Heaslip of LA 4:51PM October 24, 2011