What if I want to take money out before I retire?

It can be tempting to take money out of your retirement account for an unexpected expense. But it’s not a good idea to tap into your retirement savings because you’ll be putting your financial security at risk.

Taking early withdrawals. Icon is an Individual Retirement Account (IRA), a tax-advantaged retirement savings account regulated by the IRS. By law you can take money out at any time. However, the amount you take out will be included in your taxable income, and you’ll to have to pay an additional 10% tax if you’re under age 59 1/2.

There are rare cases when you are exempted from paying penalties for early withdrawals. For more information on this, you can visit the IRS site on IRA distributions click here.

 

To make changes to your Icon retirement plan click here.

 

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