After age 59 ½, the IRS allows penalty-free withdrawals. Before that, early withdrawals may result in penalties and taxes unless you qualify for an exception.
For those who invest in a plan, there are withdrawal rules if you want to take money out without incurring a penalty. Generally speaking, you may withdraw funds from your retirement savings account anytime, but if you do so before you reach age 59½, you may face an IRS charge of 10...
Cashing out your account, in whole or in part—whether the account is traditional or Roth—is usually a mistake. On a traditional 401(k) plan, you will owe taxes on all of your contributions, plus the 10% for early withdrawals if you are under age 59½. ...
For the benefit of other readers I'll first define a non-qualified annuity. That's an annuity purchased with after-tax savings. The IRS calls it non-qualified because the initial investment or premium was not pre-tax money. Pre-tax money would be IRA or 401k accounts, where the cash val...