Comments on: What are the penalties for withdrawing your retirement funds early to buy your first home? http://www.talkaboutretirement.net/personal-finance/what-are-the-penalties-for-withdrawing-your-retirement-funds-early-to-buy-your-first-home/ Issues concerns retirement and retired living Mon, 21 May 2012 11:44:10 +0000 http://wordpress.org/?v=2.6.3 By: Wayne Z http://www.talkaboutretirement.net/personal-finance/what-are-the-penalties-for-withdrawing-your-retirement-funds-early-to-buy-your-first-home/#comment-58 Wayne Z Sat, 18 Oct 2008 18:41:12 +0000 http://www.talkaboutretirement.net/personal-finance/what-are-the-penalties-for-withdrawing-your-retirement-funds-early-to-buy-your-first-home/#comment-58 The penalty exemption on the $10,000 only applies to IRAs, not employer sponsored plans. Also, generally you have to leave the job to have access to the money. One option may be a loan from the plan. Check with the administrator of the plan to see if it allows for loans. The penalty exemption on the $10,000 only applies to IRAs, not employer sponsored plans.

Also, generally you have to leave the job to have access to the money.

One option may be a loan from the plan. Check with the administrator of the plan to see if it allows for loans.

]]> By: MathBioMajor http://www.talkaboutretirement.net/personal-finance/what-are-the-penalties-for-withdrawing-your-retirement-funds-early-to-buy-your-first-home/#comment-57 MathBioMajor Fri, 17 Oct 2008 17:51:40 +0000 http://www.talkaboutretirement.net/personal-finance/what-are-the-penalties-for-withdrawing-your-retirement-funds-early-to-buy-your-first-home/#comment-57 Contact the institution which administers the retirement plan. Frequently you can find this type of information on-line at their website. I like the personal touch better however. Call and speak to a live person tomorrow if possible. You should be able to find their telephone number at their site also. Contact the institution which administers the retirement plan. Frequently you can find this type of information on-line at their website. I like the personal touch better however. Call and speak to a live person tomorrow if possible. You should be able to find their telephone number at their site also.

]]> By: gremlingts http://www.talkaboutretirement.net/personal-finance/what-are-the-penalties-for-withdrawing-your-retirement-funds-early-to-buy-your-first-home/#comment-56 gremlingts Fri, 17 Oct 2008 08:07:02 +0000 http://www.talkaboutretirement.net/personal-finance/what-are-the-penalties-for-withdrawing-your-retirement-funds-early-to-buy-your-first-home/#comment-56 Generally speaking, the first 10k can be withdrawn without penalty, BUT you still have to pay the taxes on that, for a first-time home buyer ( not if you're buying for the 2nd or 3rd time ). I needed 10k IN FULL when I did it, so I had to withdraw 14,000 to cover the taxes, and since I went 4k over I had to pay penalties on that 4k as well as taxes. I think medical emergency qualifies as well, but I'm not sure on any other usages. - The Gremlin Guy - happily living at my Home for 7 years now.. Generally speaking, the first 10k can be withdrawn without penalty, BUT you still have to pay the taxes on that, for a first-time home buyer ( not if you’re buying for the 2nd or 3rd time ). I needed 10k IN FULL when I did it, so I had to withdraw 14,000 to cover the taxes, and since I went 4k over I had to pay penalties on that 4k as well as taxes. I think medical emergency qualifies as well, but I’m not sure on any other usages.
- The Gremlin Guy - happily living at my Home for 7 years now..

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