Early IRA Withdrawal

[sadmin]

Has anyone opted for an early withdrawal and just eaten the penalties? I changed jobs and rolled my 401 into an IRA, starting a new 401 with my new job. Im not interested in hearing about reasons to not or how I'll regret it later on, etc etc. I would like to know if you have any data to share- thanks.

[austinN4]

I would like to know if you have any data to share- thanks.
I haven't withdrawn IRA money, but I have converted some to Roth so all I had to pay was the interest due at converstion.

With a straight out withdrawl you have to pay both the interest due and the penalty on the amount withdrawn.

Calculator:
https://www.wellsfargo.com/investing/retirement/tools/401k-early-withdrawal-calculator

Penalty free in certain instances:
http://www.bankrate.com/finance/retirement/penalty-free-401-k-ira-withdrawals-1.aspx

[MaceWindu]

This is what I do for a living. But, it would take me a while to type out the do's and do not's. Shoot me a PM if interested and you can call me. The advice is 100% free.


MW