TRANSCRIPT
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#57 - 7 Ways to Access Retirement Funds Early Without a Penalty
Eric Blake: Did you know there are several ways you can access your retirement account before age 59 and a half without paying the 10% early withdrawal penalties? In today's episode, we'll walk through seven options that allow early access to your retirement savings. And while you might consider using these, especially if you're navigating a transition supporting a loved one.
Maybe just need a little bit more flexibility.
Eric Blake: Welcome to another episode of the Simply Retirement Podcast, where we want to educate and empower women to live your retirement on your terms. I'm your host, Eric Blake. If you're a woman near your retirement, or maybe you're already in retirement, you've probably heard the warning that you don't want to touch your retirement accounts before the age of 59 and a half, or you could be paying a 10% early withdrawal penalty.
But the truth is life doesn't always happen following the IRS's timeline. So whether you're facing early retirement, you're dealing with a health event, maybe you're trying to support a family member with housing or education costs you, I might have more flexibility than you actually think. Before we get into today's topic, let me introduce Wendy McConnell.
Wendy, how are you?
Wendy McConnell: I'm good. How are you?
Eric Blake: Excellent. This sounds like another fun topic. I know how much you love taxes and all these fun things hey,
Wendy McConnell: I love money, so
Eric Blake: I bet you go. That's a good start. That's always a good start. So this episode was actually inspired by the conversation I had with Shalanda Wagner.
She was a guest on episode 39. And hopefully we've got some people that might remember that conversation. But Shalanda is the founder of Ladder House Decor, and she works with women that are leaving abusive relationships and helping them furnish their new homes when they're trying to start over.
And she shared that one of the most difficult obstacles that many of these women face is not having access to financial resources. Even in some cases, of course financial abuse being part of those situations. And during our International Women's Day event, I actually shared a strategy, and this is what made me think about this topic, that in secure Act 2.0, which was voted into the law a couple years ago, a few years ago now, there is actually a provision that allows survivors of domestic violence to access up to $10,000 from their retirement account without the 10% penalty.
And I actually shared some of the specifics on that. And it's one of those, it's one of several little known strategies that actually can make a huge difference in someone's financial freedom, especially if in that situation where I just, I don't know where to go to, and they're, they feel stuck because they don't have access to financial resources.
So this conversation, it just reminded me that, there are women that don't understand some of the what's available to them and, people in general, but especially if you're, again, being an. A difficult situation. So today I wanted to walk through these seven options. I wanted to share a couple of strategies that go along with their options just to help people understand how and when early access to your retirement accounts might be possible without that 10% penalty.
Wendy McConnell: Let's do it.
Eric Blake: Sound like fun.
Wendy McConnell: Yeah.
Eric Blake: Awesome. Of course, we have to these disclaimers in there, especially when we're talking about taxes. Always gotta get that in. So always make sure you talk to your financial advisor, talk to your tax advisor before implementing any of these strategies, because early withdrawals definitely can impact your retirement income, your tax situation, and even your fund long-term financial security.
And also, I wanna say that just because you can do these strategies, because you have these option available. Does not mean you should, right? So again, talk to your financial advisor, talk to your tax advisor. Make sure you know all the ins and outs before you actually utilize one of these options that are available.
So the first one we're gonna talk about is what's called the rule of 55, and that is if you separate from service from your employer after turning age 55, you can actually access or withdraw money from that 401k plan without the 10% penalty.
Wendy McConnell: Okay.
Eric Blake: Now the big thing is this only applies to 4 0 1 Ks. This is not IRA accounts, so you gotta be sure you're aware of that.
So it's
Wendy McConnell: it's connected to the work.
Eric Blake: Yeah. So it, it has to be an employer plan. A 401k could be, there's some other employer sponsor type plans that could fit as well, but it is not i a accounts, that's the big no, there is. Okay. This does not apply to IRA accounts. Important caveat here as well, and they talked about this back on episode 48 with the mandatory 20% withdrawal penalties if you do take money from the employer plan.
So go back and listen to that episode as I go all through the details of how that actually works. So yes, you can access the money from the 401k plan after 55, no penalty, but just be aware there's a mandatory 20% withholding for taxes if you take that money out. Okay. Now this is also for some people, this is a reason, I hate to throw financial advisors under the bus, but sometimes it's appropriate.
But this is also a reason why you might not want to think, you might want to think about not rolling that 401k to an ira. Again, I said it doesn't apply to IRAs. This doesn't work for IRA accounts. So this might be a circumstance where you say, Hey, let me, even if it's just temporarily, let me leave it in the 401k in case I need some liquidity.
I need access to that money rather than rolling that money into an IRA.
Wendy McConnell: Okay. I got it.
Eric Blake: Then we have what are called substantially equal periodic payments. And let's shorten that down to SEPP or the tax code, which I'm the, the tax nerd that knows this. That's right. Called 72 T. What this does is it basically says, okay, I'm gonna tell Uncle Sam, I am willing to take out a certain amount every single year in order to avoid that penalty.
Now the rules are that you have to set up a an equal periodic plan. That's what it, where that name comes from. Equal payments over at least a five year period, or 59 and a half, whichever is longer, right? So if you're 52 and you want to implement this strategy, you gotta take out money for at least the next seven plus years until you turn 59 and a half.
That's what's telling Uncle Sam, I'm gonna be taking money out every single year. I'm gonna take the same amount out every year. Uncle Sam will waive the 10% penalty, but it is still taxable. If you're at 56 now, it becomes five years. So you have to go past that 59 and a half age. So you gotta take it out at least the same amount for the next five years in order to have that 10% early withdrawal penalty waived.
Wendy McConnell: Okay.
Eric Blake: All that makes sense.
Wendy McConnell: Yeah. So let me just clarify. I lost a job five years ago. I've left it in that company's 401k program. If I need to access it now, does that mean that I can, according to the rules and stipulations you just put forward?
Eric Blake: No. So that's the tricky part. So the separation of service has to happen after age 55 for that first rule.
Okay. So the rule of 55 means you have to have separated from service after 59 5. Gotcha. It doesn't mean you can access the money after 55. It's the separation of service. That's the key. So in that situation, if we go look at this next strategy, number two, the 72 T or the SAPP, that's where you say, okay, I'm not 55 yet.
I've separated from service, but I still need access to funds. Maybe you then think about a strategy like this that again, I'm gonna tell Uncle Sam, I'm gonna take out X amount based on different form. There's some different formulas. Again, consult your tax advisor and what those options are to consult to your financial advisor.
But it basically saying, I'm gonna take out X amount every single year for the next five years at a minimum, or 59 and a half, whichever those is longer.
Wendy McConnell: Okay.
Eric Blake: Got it. So here's what, and a planning tip along with that one though, is, if you happen to have, there's a lot of people out there that might have multiple IRA accounts out there.
They may, they're retired from one job and they rolled that to an IRA, then they left another job, rolled that to a different IRA and rather they consolidate 'em. Maybe they have different IRA accounts out there. One of the things you could potentially do is say, okay, I'm only going to turn that 72 T on that mandatory distribution from one of those IRAs.
That means the other one stays alone. You potentially, if you had in some unexpected emergency, you might be able to access additional funds from that. But the problem with this strategy is that if you ever stray away from the plan, you ever say, okay I'm gonna take X amount out for the next five years, and you take more than that out, or you take less than that out, that could basically trigger back taxes and back penalties on all the money that you took out previously.
So that's where, again, understanding those options and understanding how all this works is really critical.
Wendy McConnell: Okay.
Eric Blake: Number three is gonna be Roth IRA contributions. So one of the reasons why I almost always recommend contributing to a Roth IRA, if you meet the income limitations or the income requirements is because the money that you put in into a Roth IRA as a contribution you can take out at any time.
No taxes, no penalties, no nothing. Now it's, that's your contribution. What you've put into it doesn't matter when you put into it what age you put into it. Yeah, you can take out your contributions, no penalty, no taxes
Wendy McConnell: ever. No. No matter what the age is
Eric Blake: the con on the contributions. Yes. So if you're 25 years old, that's why, especially like younger clients that say, Hey, I, I wanna start saving money students, my son, people like that where they're just trying to get started.
Roth IRAs are such a great vehicle in order to begin savings because, at that age, life happens, just, it just does. Oh yeah. So unexpected ha things happen all the time. So I said, okay, I put, this year the contribution limit is $7,000 for a Roth IRA in 2025. So I put, and that's if I'm under 50 years old, so I put $7,000 in and next year all of a sudden something just comes outta nowhere.
I need access to money. I could get my $7,000 out with no taxes and no penalties.
Wendy McConnell: Okay. But you can't take out, say the any interest, the earnings. So if I put
Eric Blake: 7,000 in and buy a hundred, all things work out great. Next year it's worth 10. I can still take my seven, but I gotta leave the three in.
Wendy McConnell: You are optimistic. I was gonna say 7,500, but hey, we'll go with your scenario.
Eric Blake: That's right. I like mine better. And that's one of the tricky parts though. So you and now some of these other rules we're gonna talk about, that's where that, the $3,000 in earning could potentially be accessible, avoiding the 10% penalty with some of these other strategies we're talking about.
But really the key is the ability to get those contributions out if something unexpected happens. And that's where a Roth IRA is something that it's. You're gonna re, people will re remember the term rather than the actual full name of this, but it's called FIFO. So first in, first out. So the first money that goes into the Roth IRA account is the first that also comes out.
So that's why anytime you put money into a Roth, if you take a distribution, the first thing that Uncle Sam says, okay, you, when you take money out, your contributions come out first. Then the earnings later if you happen to take out more than what you've put into it.
Wendy McConnell: Okay. You mentioned that the maximum to contribute to a Roth is 7,000 per year.
For those under 50. Yes. What is the maximum for those over 50?
Eric Blake: Great question. So if you're over 50, you have the additional a thousand dollars catch up for 2025. That's it. So you could put up to 8,000? Yes. 8,000. $8,000 into your Roth IRA account. Now, if you happen to have access to Roth four oh Ks, you're gonna have a higher limit.
But as far as just the i a itself, that's that's what the limit is for 2025.
Wendy McConnell: Not that I have the $8,000. I just, wanted to maybe, you can find,
Eric Blake: you can find it somewhere.
Wendy McConnell: Oh, absolutely. Yeah. Alright.
Eric Blake: You gotta have somewhere laying around. Check the couch, check the cushions of the couch.
Wendy McConnell: There's some coins in there, I'm sure. That's
Eric Blake: right. Make sure that'll end up to, six or 7,000, 8,000 maybe, then we have in this, and this might be in circumstance where, you're a young you're young achiever, you're trying to build yourself up, but you say, Hey, I, I'm ready to buy a house.
You have the first time home purchase, and again, talking about IRAs versus 4 0 1 ks. This is RA only, so you can only do this with an IRA, but you can withdraw up to $10,000 penalty free from an IRA to buy your first home. Now one of the tricky things and why, again, how they, who, I don't know who comes up with these rules, but you're considered a first time home buyer if you haven't owned a home in the past two years.
Oh, what? So again, it's one of those things. Who came up with this? Who that sat down and say, let me throw this let me throw this curve ball in there.
Wendy McConnell: Yeah. It's actually good for us
Eric Blake: yeah.
Wendy McConnell: Right.
Eric Blake: Yeah. And again, but it is all it is again, to make it even more, it is a one time, lifetime only thing, so it's not like you can, okay, I used the $10,000 this year I sell my house and five years later I'm ready to buy another house.
I can take the other 10, I can take another 10. Doesn't work like that either.
Wendy McConnell: Okay. So
Eric Blake: it's just a one time only. First time home buyer. There are those circumstances where, I was in a house, I had sold it, downsize, whatever it might be. I stay in an apartment for a couple years and then I buy another house.
If you've never used this before, that would still be a situation where you would qualify as a first time home buyer. For this purpose.
Wendy McConnell: I have to tell you, Eric, I wish I would've known this. Is this a new rule? Because I actually had to cash out some retirement savings to purchase the house, but I knew he
Eric Blake: didn't know me.
If I, you would've known me, that wouldn't have happened.
Wendy McConnell: All right, hindsight, there we go.
Eric Blake: But it is, again, I'm not, again, not to keep ham, hammering this point, but it is on those circumstances where the financial advisor you work with does make a difference. And in terms of whether they understand these rules or know that there's, these options are out there.
Wendy McConnell: Don't make my mistake. Yes. Learn
Eric Blake: from your mistakes. That's the key to success is learning from others' mistakes, right?
Wendy McConnell: Yeah.
Eric Blake: Then we get to higher education expenses. So if you're using money to help pay for education expenses tuition, books, qualified expenses for yourself or family members.
Same scenario, you can use that those dollars and avoid the 10% penalty. Again, you still pay taxes, but you can use those dollars for for education and again, does not apply to 4 0 1 Ks. This is only IRAs as well. So I'm trying to make sure we distinguish on these. Yeah. Which will one apply to IRAs and 4 0 1 Ks or potentially both.
Wendy McConnell: Okay.
Eric Blake: Alright. Then we get to one of the more challenging ones. But, one of those things that definitely it comes into can definitely be valuable. Permanent disability. So if you happen to be, if you're permanently and totally disabled, you can use retirement account funds without the penalty.
Now this is one that does require a physician certification, and it must meet pretty strict IRS criteria for that to be accessible.
Wendy McConnell: So you're probably gonna be in, in for a fight when you go. It
Eric Blake: is. So it's it's very long in the lines. If you think about qualifying for Social Security disability, it's gonna be very similar to the definition of disabled.
Whether you're talking about Social Security disability or you're talking about being able to access funds with no penalty.
Wendy McConnell: Because they're they make it difficult. They don't want you to do this, so they're gonna make it hard for you.
Eric Blake: Exactly. Then we get to unreimbursed medical expenses.
Again, another one of those things where you hate to go through these circumstances, but they do happen. Life just happens sometimes and this is a case where you can withdraw from IRAs or 4 0 1 Ks penalty free. Again, it's always gonna be taxable to cover medical expenses, but there's that hurdle. So if you've, if people have itemized their taxes, or maybe they have, because the, with a lot of the, with the tax cuts and Jobs Act that we fall under currently, a lot of people aren't able to itemize because the standard deduction is so high.
But if you have enough property taxes or mortgage interest and things like that. You have this 7.5% hurdle that allows you to itemize those medical deductions as well. This is a situation where that same threshold could potentially allow you to use IRA dollars and 401k dollars retirement account dollars to pay for those medical expenses that surpass that seven and a half percent hurdle.
Okay?
Wendy McConnell: Got
Eric Blake: it. So again, same thing avoids the 10% penalty.
Wendy McConnell: What? Not the tax. Whatcha are you doing there, Eric? My goodness. I know. I keep
Eric Blake: banging this. I can't, I don't know. I don't move my right hand. I only move my left hand. I dunno what's going. I can only talk with my left hand. Your
Wendy McConnell: hands behind your back.
Eric Blake: I guess I need to, I, yeah. I. We'll see. Nobody can, only people on YouTube can see this right now,
Wendy McConnell: somebody, everybody heard that? I know. I just
Eric Blake: woke everybody up in case you fell asleep while I was explaining the
Wendy McConnell: bong.
Eric Blake: You're awake now. Here we go. But just in time for the strategies that go behind some of these.
So you woke up just in time.
Wendy McConnell: Good.
Eric Blake: So one of the things I wanted to point out back to the domestic abuse exception as part of secure Act 2.0. So number one, it does apply to IRAs and 4 0 1 ks. The other thing, and this is really something that you think about someone a woman coming out of one of these unfortunate situations, when I talked about the disability exception, it was, it has to be certified by a doctor.
This exception is self-certification. That means you don't have to tell a sole that you are doing this, okay? So if you're in a situation where, hey I can't get outta this situation. I don't have access to money, I can't get to the bank account, I can't get to these accounts. This is strictly self-certification.
So if you happen to have an IRA and you're in one of these unfortunate situations, this is self-certified. You don't have to tell a doctor, you don't have to tell the police, you don't have to tell anybody. The only trick is you have to, it quote unquote, technically has to happen within 12 months of the violence event.
Okay. Now this does, there's no, go ahead. You had, I thought you might have some clarifications on this,
Wendy McConnell: so you don't have to prove that you're a victim of domestic violence. Is that what you're saying?
Eric Blake: Basically, yes. So you, it's one of those that basically because you, and it doesn't say, and then certain, this is all based on the IRS guidelines here.
So again, consult your tax advisor, but there's nothing specific around, is it physical abuse? Is it verbal abuse? Emotional abuse? There is no specific clarifications as to what type of abuse it is either. So that's really one of those things. Again, you are there gonna be potentially people to take advantage of it.
Yeah. For our purposes it's just saying, Hey, we know there are people out there that they're dealing with this, they don't know where to turn. They don't feel like they can get outta the situation a lot of times because of money, not having access to money. But in this situation, this is where you say, okay, I, I've got access to these retirement account dollars.
And this is a way to potentially get yourself out of that situation.
Wendy McConnell: So you mentioned that it the only stipulation is 12 months from the incident, how do we determine when the incident was?
Eric Blake: It's self-certification. It's basically you just, it's gotcha. Honor system. It's really the only way to can's explain it.
Wendy McConnell: I'm in favor of that.
Eric Blake: Now here's the other thing that is d different from some of these other strategies and options that we talked about. You actually have the ability to repay that amount within three years of receiving the funds. Eliminate the taxes on that.
Wendy McConnell: Okay,
Eric Blake: so just walking through what that might look like.
Say you take it out, I took take $10,000 out on January one because I'm trying to get in a better fund situation because of abuse. This then says, okay, over the next three years, I can pay that money back, pay that $10,000 back and eliminate the taxes that I would owe. So again, avoids the penalty already.
It is tax. It's a taxable event, but if you pay that money back within three years, you basically have to file an amended return, but you can get a refund of those taxes if you're able to accomplish that. Again, not everybody's able to, but it is something that to be aware of if you can pay that $10,000 back.
You can actually get the, re get a refund on the taxes that you pay.
Wendy McConnell: Okay. You just answered my question. I was gonna say, does that mean that it's not taxed when you take it out, but it is, but then you can get it back. With the amended you have to
Eric Blake: file an amended return got, so if you, let's say January, 2026, you take $10,000 out and by 2027 you can pay it back.
You then say, okay, I would file an amended return in a mid return in 2026 or 2027, depending on again, how everything fell in order to get a refund of those taxes paid. But you are gonna get what's called a 10 99 R. It's gonna be a, I did it again, 10 99 with a, that says, it indicates that is a premature distribution.
If you're under 59 and a half, you put it on your tax return just like you would any other type of distribution. But then if you can pay it back, you file, you amend that return in order to get a refund of those taxes paid.
Wendy McConnell: Okay. Gotcha.
Eric Blake: Let's see. So again, it's just one of those things that a lot of people don't know about, and we just wanna make sure we spread this type of knowledge that if it's, again, one of those difficult situations where there's been abuse that hey, this is a possible way of accessing financial resources when you might otherwise not realize that it's available.
Wendy McConnell: I like this option a lot.
Eric Blake: Then we get the, what's I wanna touch on this. So a lot of these things, of course, are, we're talking about how do we avoid the penalty? And almost every, in, pretty much every circumstance, it is still taxable. You wanna be aware of that, but then I wanna bring in what's called the 60 day Rollover Rule, or also maybe called, you might hear the term indirect rollover, which means if I said, Hey, I took out a, an amount out of my IRA account for whatever reason, one of these reasons, or something of some other, whatever reason it might be that didn't apply, might mean this didn't apply and I just decided to take money out.
If you can redeposit those dollars back into an IRA, a lot of times it's gonna be the same IRA you took it out of, but it doesn't necessarily have to be. If you deposit that money within 60 days of taking it out, then it's not taxable. It's not a taxable event. I
Wendy McConnell: knew that one.
Eric Blake: I. You've had experience with that or you just aware of it?
No,
Wendy McConnell: I just knew that one.
Eric Blake: Good. But again, it is important to know 'cause it might be, unfortunately, a lot of times you take money out of an IRA, it's in response to an emergency situation or I didn't have any other access, I didn't have enough cash reserve or savings in order to cover whatever I needed to cover.
But all of a sudden, my situation changed or I came into money, whatever it might be. If you can redeposit those funds within that 60 day window, then. You avoid the taxes on that
Wendy McConnell: or, it could be a situation where you are leaving your job, you take out the 401k funds, have them Right.
Written out to you, and then you have six days to redeposit it somewhere else.
Eric Blake: And that's a very good dis distinguishing distinguish between a direct rollover, which is where I would say I'm taking the money out of my employer's plan and I'm rolling it directly to. An IRA provider where it's basically the check is cut to the IRA provider for your benefit.
But it's not cut to you. That's a big fat's a definitely a key point to be aware of. Now the other thing to be aware of here is you can only do this once in any 12 month period.
Wendy McConnell: Okay.
Eric Blake: So that's what some people get confused by or get caught by as well is I did it once, so something else, an unfortunate event or an emergency comes up six months later.
You can only do this one time within any 12 month period.
Wendy McConnell: Okay.
Eric Blake: And even if it's missed by one day, that withdrawal becomes fully taxable and potentially penalized depending on why you took it out.
Wendy McConnell: There is no grace period here. People all, you do not wanna be late on this one.
Eric Blake: Not at all. Not at all.
Now it doesn't Also, it doesn't apply to inherited IRAs and it does not apply to RMDs required minimum distributions either. So that's again, just a couple other key points. So I think we hit everything there. And then I wanna touch on this one last strategy. Inherited IRAs. So we talked about this in episode 52.
Inherited IRAs are always penalty free. Doesn't matter what age you're, so you, if you are the beneficiary of an inherited IRA, you can take money out at any point, any age with no penalty. Again, it's still taxable, assuming it's a traditional account, still taxable, but you avoid those penalties. So if you happen to be in a situation where maybe you have both, you have an IRA in your own name, and then you have an inherited IRA that you receive from somebody else.
You typically would say if I did have an emergency come up, then I would want to take that money from the inherited IRA, so I know I avoid the penalty in that circumstance.
Wendy McConnell: Okay. That sounds like the best plan.
Eric Blake: So definitely go back and check episode 52 where we talk about, 10, 10 year rules for nons spousal beneficiaries and things like that.
So you still need to understand the rules related to inherited IRAs, but that's a big difference between inherited accounts and an account in your own name is that inherited IRA accounts will avoid the 10% penalty. Regardless of what the age circumstances might be.
Wendy McConnell: Okay.
Eric Blake: So as we get ready to wrap up obviously these financial strategies, they're not just financial tools, but in certain cases they can be, lifelines during difficult transitions, hardships, opportunities that might come around.
But again, it's just knowing what's available to give you the confidence to make better decisions and avoid some of these penalties. So Wendy, just before we wrap up, is there any other thoughts or questions that you have about any of these strategies? I. Maybe anything that in particular stood out to you?
I know you referenced the the domestic violence option as we were talking, but Yeah, anything else that jumps out?
Wendy McConnell: Just again the mistake that I made had I known about the, being penalty free to take out money for a home purchase, even though you needed to not have.
Owned a home in the last two years which is iffy Now. I'm, I can't think that fast math wise, but yeah, it's definitely something to take advantage of because I paid the 10% penalty.
Eric Blake: Yeah. Yeah. And again, it's not, nobody likes to pay taxes, but then when you throw that 10% penalty on top of it, it makes it even that much likes, that's like the extra icing on the on the Uncle Sam cake.
Right.
Wendy McConnell: And nobody wants the Uncle Sam cake. That's right. Not at all.
Eric Blake: Not at all.
Wendy McConnell: It's worse than fruit cake.
Eric Blake: I hope that, yeah, that's not even close. It's not. I'd much rather have the fruit cake at over the holidays than than the Uncle Sam's cake.
Wendy McConnell: Exactly.
Eric Blake: Actually if you're unsure of what strategies may apply to you in your situation, or if you want help building a retirement plan that is tailored to your goals, we obviously want to be a, be here as a resource if you'd like to take advantage of our free retirement assessment through the Simply Retirement Roadmap process.
It's designed to do that, exactly that to help you evaluate your income, your investments, your tax planning strategy so you can navigate retirement with confidence. If you'd like to, you can visit www.getmysimplyretirementroadmap.com to review our process. You can even schedule your 20 minute get to Know You call right there.
That is it for today's episode. For all the links and resources we're gonna be sharing a lot of these links that that we've talked about today. You can go to www.thesimplyretirementpodcast.com. Please don't forget to follow and share our show.
Until next time, please remember, retirement is not the end of the road.
It's the start of a new journey.
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