💨 Abstract
Retirees should be aware of the tax implications when withdrawing from retirement savings. Early withdrawals from IRAs and 401(k)s before age 59 1/2 can trigger a 10% penalty and regular income tax, with a few exceptions. Missing RMD deadlines can result in a 25% excise tax penalty.
Courtesy: wtop.com
Summarized by Einstein Beta 🤖
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