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[quote=Anonymous][quote=Anonymous]If you’re younger than 59 1/2, there is a 10% early withdrawal tax penalty. But there are hardship distributions that can reduce or eliminate this penalty. The most important update is SECURE 2.0. If you do need to make a withdrawal, you can “self-certify,” meaning the administrator can take your word for it that there is a qualifying hardship and that you have no other funds available to address it. You need to speak with your retirement plan administrator to request a hardship withdrawal (distribution). Equally important to work with your accountant.

Hardships including new additions SECURE 2.0:
1. Higher education 
2. Medical emergency 
3. 1st time home buyer
4. Funeral expenses
5. Disaster
6. Terminal illness
7. Domestic abuse
—And more!

Best to read these links. Hopefully you have a great accountant. If not, find one. Good luck. I had to take an early withdrawal in 2022. Was able to reduce the penalty tax from 10% to 3%.

https://www.aarp.org/retirement/planning-for-retirement/info-2023/savers-guide-to-secure-two-point-zero.html

https://www.aarp.org/money/taxes/info-2023/pay-no-penalty-hardship-withdrawals.html

https://www.aarp.org/retirement/planning-for-retirement/info-2023/ways-to-avoid-early-withdrawal-tax-penalty.html[/quote]

Real good info pp[/quote]

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