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Post by Admin on Nov 5, 2020 18:32:43 GMT
As far as the USA is concerned, if you are not at the recommended retirement age to avoid the 15% state & 15% federal penalties when you cash out, you will have to pay it at tax time. I had to pay a substantial amount of money to the IRS because I am 49 years old, which is not old enough to avoid these penalties. But you can cash out your retirement account and open up a new retirement and place your money in that account to avoid the penalties. But lets face it, most people don't do that. As far as me, I am through with retirement accounts. I would rather just open up a stock account, it is more durable than retirement accounts in my opinion. Emergencies happen and you never know if your money is truly safe in those retirement accounts anyway. Even if they say it is safe by federally insured. States and countries can go bankrupt as you probably know.
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