Local Provider, Free Trial of Might it be a better move to use all or part of them now to get those high balances off your back? This debt enables you to earn 1% aftertax in your IRA. This means that more money is working for you to grow your retirement nest egg. No repayments. Because using your retirement fund for anything other than retirement can come at a big cost. This basically means you have to continually take out a certain amount from your retirement fund over time—and that’s determined by your account balance and life expectancy. With a traditional IRA, since you did not pay taxes on the money before you put it in, you have to pay income taxes when you take it out. Ask any financial expert or bankruptcy attorney and they’ll tell you that taking money out of an IRA to pay off debt … You leave your job the year you turn 55 or later (50 for certain federal and state jobs). More specifically, using your retirement to pay down debt. And a budgeting tool like EveryDollar forces you to be more intentional with the money you have now, instead of wondering where it went later. Giving every dollar a job to do also helps you build a solid emergency fund so you won’t be tempted to tap into your IRA when life throws you a curveball. First, you should understand the rules. Still, sometimes using an IRA to pay off consumer debt is the best available option. Don't do it. Looking for an alternative way to pay off credit card debt? Consider using … You’re in the military and are called to active duty. When you withdraw money early from your 401 (k) or IRA, you’ll be required to pay taxes. But the truth is, you can’t borrow your way out of debt, so you should avoid loans altogether. And if you take out a significant amount, it could bump you into a higher tax bracket. Read on to find out more about the downsides to using your retirement funds to pay off your credit card debt. Unfortunately, this is almost always a really bad idea. If you remove part of your retirement savings, it will not only provide you with less retirement savings, but you will also have less money compounding for you over time," says Kirk Chisholm, wealth manager at Innovative Advisory Group in Lexington, Mass. First of all, it’s important to acknowledge up front that this may not be a wise financial move for... Making the Withdrawal. And 401(k) loans can backfire quickly. Depending on the type of account you have, the rules may vary when it comes to withdrawals. File Your Own? "Retirement Topics - Exceptions to Tax on Early Distributions." It’s like Chris Hogan says: “Compound interest is your best friend, but only when you give it the opportunity to work.” That’s what we call free money to those who wait. After all, it's meant to be tucked away until you retire, and isn't a cash machine. The money is used to pay medical expenses (as long as those expenses add up to more than 10% of your gross income). If you’re at that point where you want to do anything to get out of debt, you might consider selling your investments. The 401(k) is divided in a divorce under what’s known as a Qualified Domestic Relations Order. Any part of the withdrawal that comes from investment earnings is subject to taxes if you take it out before the age of 59½. How Financial Advisors Can Help With Debt, The 7 Best Debt Reduction Software Programs of 2020, Retirement Topics - Exceptions to Tax on Early Distributions. He has a Roth IRA … All rights reserved. Tax Pro vs. The money is used to pay an IRS levy (a legal taking of property to pay back a tax debt). These include white papers, government data, original reporting, and interviews with industry experts. No? "Because credit card debt has such high interest rates, there are virtually no investments that will outperform it," says Cullen Breen, president of Dutch Asset Corporation in Albany, N.Y. "Because of this it can make sense to take the money from elsewhere.". When you submit the form, make sure you include all required documentation including how you wish to receive the funds, whether that's by check or direct deposit. It can be very tempting for debtors to tap into their IRA to pay off debt, but it comes at a hefty price. Debt Avalanche vs. Debt Snowball: What's the Difference? We’ve got everything you need to know about how to pay off debt. Here are some tried and true methods for knocking out debt that your future self won’t regret. A Ramsey Solutions Master Financial Coach can encourage you and help you make the best decision for your financial situation. Now, Be a Part of Having patience and leaving that money alone pays off big-time. Sometimes it just takes doing the math to realize what you’d actually lose. Many people say they can make up for the loss by putting more money in their IRA later, but there are limits to how much you can contribute each year. Should I take money from my IRA to pay off debt Taking withdrawals from an IRA before you're retired is something you should do only as a last resort. If you have money in an individual retirement account (IRA), you can withdraw funds to pay off credit card debt and potentially save yourself thousands of dollars in interest. Then use that budget we mentioned to cut back on your spending and throw even more money at your debt. A number of apps and online spreadsheets promote a variety of debt reduction strategies such as paying the cards with the highest interest rates first, or the debt snowball method. A full list of exceptions appears on this IRS chart. Dig deep to find out how you can cut costs and create a pool of funds to dedicate to debt repayment. With BabySteps, Self-Guided Leaving a balance on a credit card continues to add an expense until it is paid off. Retirement. There are different ways to attack your debt. A traditional IRA (individual retirement account) allows individuals to direct pre-tax income toward investments that can grow tax-deferred. You may be tempted to just pull the money out of your 401(k) or IRA to pay back your creditors and kiss your debt goodbye for good. So, if you withdraw money from your 401(k) because you’re changing jobs and want to move it to a new company, make sure you do it within the 60-day period. Internal Revenue Service. Learn Remember, this isn't a windfall. The money is divided into a series of substantially equal periodic payments (SEPP), also known as Rule 72(t). The idea is that you gain momentum along the way, much like a snowball rolling down a hill, and eventually pay off the largest debt. List your outstanding credit card debts, from highest interest to lowest. A premature distribution is one taken from an IRA, qualified plan, or tax-deferred annuity that is paid to a beneficiary that is under age 59½. There are exceptions to the 10% early withdrawal penalty from an IRA including death, disability, and qualified education expenses. If you wish to proceed, it’s important to follow a plan that minimizes collateral financial damage. Of course not! Instead of having to pay 30% to the government, you could contribute regularly to a savings account and use 100% of that money toward expenses you know are coming, like helping your kids pay for college or buying a house. Take control of your money with a FREE Ramsey+ trial. If you have a Roth account, the taxes have already been paid, so skip this step. Definitely, do not use your IRA funds to pay off your mortgage. But the key word here is retire. This means you may need to drop satellite or cable for over-the-air television, carpooling instead of driving to work, or borrowing books from the library instead of buying them from Amazon. And while you can't squeeze anything more out of the paycheck, you may have a tidy sum sitting in your individual retirement account (IRA). We made the decision to use a $25,000 IRA withdrawal … App, Find an Endorsed Learn why a Roth IRA may be a better choice than a traditional IRA for some retirement savers. Transferring balances to lower-interest credit cards. Debt. An IRA transfer is the transfer of funds from an individual retirement account (IRA) to another retirement account, brokerage account, or bank account. When calculating how much to withdraw, take into account any taxes and penalties, along with the amount of debt you wish to pay off. You cannot effectively replace withdrawn funds since there are limits on the amount you can contribute to your IRA in any given year. You Should Pay off These Types of Debts First, When Paying off Debt With Your 401(k) Makes Sense, Using Your IRA to Pay Off Credit Card Debt. When you’ve got mountains of debt staring you in the face, it’s hard not to worry. Also, keep in mind that nontaxable rollovers can only be done once every 12 months. You can potentially pay off all your debt at once if you have enough funds in your IRA. See? 5 Minute Read But too many people treat their retirement fund as their emergency fund. Withdrawing money from a 401(k) early comes with a 10% penalty. Why? | "It's wise to be as tax-conscious as possible," says Carlos Dias Jr., founder and managing partner of Dias Wealth LLC in Lake Mary, Fla. "I always recommend running a projection report with an accountant or software (if you know what to do), potentially spreading the tax liability over several years.". But suppose Adam opts to use part of his surplus to max out his Roth IRA … If you lose your job, that loan needs to be paid back within 60 days. But if you’re starting to consider your retirement fund as a way to dig yourself out of the hole, hold up! But you're not out of the woods yet. When you withdraw funds early from an IRA, you will likely face taxes and/or penalties, which can add substantially to the cost of taking out that money. You just apply bigger amounts to each remaining balance until all accounts are at zero. A Roth IRA allows you to withdraw funds tax-free, assuming the money has been there at least five years, because that contribution was made with after-tax dollars. Get out of debt quicker. Whether you pronounce it eye-ruh or you sound out each letter, an IRA (Individual Retirement Account) is a great tool to build wealth and make sure you retire with dignity. Money taken … When that snowball starts rolling, it’ll give you the momentum you need to get out of debt for good! But if you want to take out any earnings (aka any growth from compound interest), you have to be at least 59 ½ and the Roth IRA itself has to be at least five years old. In addition, if you're making that withdrawal before the age of 59½, you will owe a 10% tax penalty. Don’t rob your future self just because it’s easy right now. You’re in it for the long haul, and investing takes a decent amount of patience and self-control. Taking control of your money starts with having a written plan—a budget. We’ve broken down what happens when you cash out a retirement fund early, and we’ll tell you how you can pay off debt without raiding your IRA. Sure, those funds are supposed to stay untouched until you retire. After all, it’s your hard-earned money, and you deserve to hold onto as much of it as possible. It’s not money for today; it’s money for tomorrow. Because of this, the IRS charges penalties for most types of early withdrawals. Before making any withdrawals, make sure you consider other options for paying off your credit card debt. If you are already putting in the full annual amount, you have no way to put in more, and so "make up" the amount you'll have lost in savings and interest. Take Our Quiz! So, if you took $20,000 from your 401(k) and that puts you in the 22% tax bracket, you may only get about $12,000–13,000 (depending on state income tax) when all is said and done. "One of the benefits of a retirement account is the tax-deferred or tax-free growth of your principal. And the penalties and taxes you have to pay on that money depend on the type of retirement account it came from: 401(k), traditional IRA or Roth IRA. That's because if you're under 59 ½ years of age, you could face a 10 … Contact the financial institution that holds your IRA and ask for a distribution form. But if you’re thinking about taking money out of your 401(k) to cover an expense or pay off debt, ask yourself this: Do I really want to borrow money at 30% interest? Unlike other options like a debt consolidation loan, you don’t have to make any repayments with … That’s not okay! Not only can that money come with outrageous early withdrawal penalties and taxes, but it’s also stealing from your future self. Find a coach near you today. Calculate whether the total amount you wish to withdraw will put you in a higher tax bracket. In response to my recent post about Roth IRA withdrawal penalties, a reader named Aaron asked the following:. Other methods for paying off debt include: It’s important to examine other options to make sure the path you are on is the right one for you. Withdrawing funds from your IRA is not a wise financial decision. The government does not want you to withdraw money from your retirement accounts until you reach age 59 ½. You should also consider making cuts wherever possible. There are a few reasons why. the But the whole point of investing in a Roth IRA is that you won’t have to pay taxes when you withdraw the money in retirement. Let’s say you took $50,000 out of your IRA to pay off your student loan debt. Any withdrawals from a traditional IRA before the age of 59½ are subject to taxes and a 10% penalty. Withdrawing funds from an IRA before age of 59½ will result in a 10% penalty. You could end up paying about $5,000 in penalties and around another $15,000 in taxes—leaving you with only $30,000. This strategy involves paying off the account with the lowest balance first, while making minimum payments on the rest. The same would apply to earnings from a Roth IRA, which would be taxed and considered income in the year in which it was withdrawn. Use the money for the intended purpose and for nothing else. So what's the best way to prioritize these competing goals? Don’t be like the 90% of millennials who took money out of their retirement accounts and regretted it.1 Leave your IRA alone, and when the time comes to use it, you’ll be so glad you did! You use the funds for a first-time home purchase (up to $10,000) You become disabled or you pass away; The only way, then, that you can use funds from your IRA to pay off debt, according to the above information, is to use your distribution to help pay … Although you may be able to deduct up to $2,500 a year on your taxes from paid student loan interest, it’s important to weigh the pros and cons of the benefits from each tax implication. Why Adam Might Want to Invest While Paying Off Debt… If Adam sticks with his plan to put his entire surplus toward paying off his debt rather than investing, he’ll make 24 payments of about $2,226 and pay just over $3,400 in interest. There’s also an exception to the early withdrawal penalty for a 401(k) if you receive a “hardship distribution.” This is money taken out of your 401(k) to meet an “immediate and heavy financial need,” according to the IRS, and could include things like repairing damage to your home after a natural disaster, covering funeral expenses for a loved one, or paying rent to avoid eviction. The first step toward becoming smarter with your money might surprise you. [See: 9 Easy Ways to Save $500 More Per Year for … But there are some exceptions to paying penalties on early 401(k) withdrawals, which we’ll discuss later. If you could find a way to only withdraw your $6,000 in contributions you wouldn’t pay any tax or penalty. Ever heard the old proverb, “Let the sleeping IRA lie”? Debt. We know you work hard, and the last thing you want is to have to work harder and longer because you didn’t save enough for retirement. Because using your retirement fund for anything other than retirement can come at a big cost. A reader name Sam recently wrote in to ask about using Roth IRA funds to pay off debt.Here’s his question: I have around $19, 500 in a Vanguard Roth IRA. Use our investment calculator to see what your IRA will be worth when it’s time for you to retire. If so, consider withdrawing over two tax years, paying off part of the debt one year and one the next. Some people use this as a way to retire early. Don’t make the mistake of assuming you can invest the IRA in stocks and earn a lot more than 1%. If it’s your best available option, make sure you are well-organized and prepared to avoid traps. Decide how much of the total debt you want to pay off. Since a Roth IRA uses after-tax dollars but grows tax-free (one of the reasons why we love it so much), you’re able to pull out any of your contributions, regardless of your age and without penalties or taxes. There’s no automatic withholding, but you still have to pay federal and state income tax on the amount you took out when it’s time to file your taxes. Whether you pronounce it eye-ruh or you sound out each letter, an IRA (Individual Retirement Account) is a great tool to build wealth and make sure you retire with dignity. It may be tempting to scrape a little off the top for a big-ticket item you couldn't otherwise afford, or to use it for a quick, unexpected vacation. I need a new roof (which will cost $5, 200) and I would also like to pay off credit card debt … So if you don’t cash out your retirement fund, how do you pay off your debt? These early withdrawals are also subject to the 10% penalty. But it is rarely a good idea to tap money earmarked for your retirement. You can learn more about the standards we follow in producing accurate, unbiased content in our. You've got debt you want to pay off, and you need to save for retirement, too. Money taken out of an IRA early (before the age of 59 ½) must be transferred to another retirement account within 60 days to be considered a “nontaxable rollover.” We repeat: 60 days! | How Do I Pay Off My Credit Card Debt with a Home Equity Loan? The purpose of retirement funds is to make sure you’re taken care of once the income stops rolling in. As soon as those 60 days are up, the money from the IRA is considered to be cashed out. Just us? You’ll learn all you need to know about paying off debt, saving money, and investing wisely so you can build wealth and be on your way to everyday millionaire status. Next, check the IRA current balance. If you really want to make sure your retirement dreams become a reality, start a free trial of Ramsey+ and take control of your finances! While it may be tempting, taking money out of an IRA to pay off debt is a terrible idea. This is a losing proposition. Okay, so … Once the funds are in your checking account, promptly pay off the credit cards you earmarked in order of highest APR. Regardless of what strategy you use, they involve applying the same amount of money to reduce debt each month—even after one account is paid off. A Roth IRA is a retirement savings account that allows you to withdraw your money tax-free. We also reference original research from other reputable publishers where appropriate. A counselor also may help with lowering payments on your credit card debt. One is going on a budget diet. 11 Minute Read As good as it is to get out of debt, using IRA funds to do so comes at a cost, and not just the immediate ones of the taxes and penalties. Otherwise, you must pay the 10% early withdrawal fee, plus any taxes. Once the smallest debt is gone, take that payment and apply it to the next-smallest debt. And you’re only allowed to take out the exact amount needed for these expenses. Determine how much debt you want to pay off using your IRA. In most cases, it's a bad idea to drain your 401 (k), IRA or other retirement assets to eliminate credit card obligations. Howard Dvorkin, CPA and Debt.com chairman responds… Without studying your Roth IRA in detail, I can’t advise you for certain – but you probably shouldn’t raid your IRA to pay off your student … Start by listing all outstanding credit card debt, in order of annual percentage rate (APR), from highest to lowest. You also have to pay taxes on whatever you take out, but the IRS usually withholds 20% automatically. Like a 401(k), there are some exceptions to the early withdrawal penalty for traditional IRAs (We’ll dive into those in a minute.). If it’s not, you’ll be forced to pay—you guessed it—a 10% penalty, plus taxes. It was a rollover from when she used to work. It’s never too late to change your money habits and set yourself up for a successful future! Here's another consideration that you may need to consider. Yuck! Here’s everything you need to know about Roth IRAs. When your IRA becomes an ATM, you lose out on all the money you would have earned with compound interest. A significant early withdrawal of traditional IRA funds could bump you into a higher tax bracket. If your financial planner suggested this course of action, you may want to look for a new one. You’ll learn how to turn small wins into big results. Remember that the rules for traditional and Roth accounts are different. But that's a long way off. But the key word here is retire. If your bare-bones expenses still outstrip your income, you might consider taking IRA withdrawals to bridge the … The money is used to cover health insurance premiums if you’re unemployed. The offers that appear in this table are from partnerships from which Investopedia receives compensation. However, you are limited to the amount you've actually contributed. And that’s if you don’t contribute anything on top of that. So be careful about what you call an emergency and save your 401(k) for later. That way you won’t lose any of your savings. Make sure you use the funds to pay off your debt, and use wise financial decisions so you don't end up overwhelmed by debt again. We have about $40k in debt … If you don't, you may end up in the same position, and you can't rely on your IRA every time. Coaching, Listen or Watch You will then use that money you save on the eliminated account to pay off the next lowest balance card, and so on, until your entire debt load is clear. | The danger of raiding your retirement savings. Another mistake people make is taking out a 401(k) loan to pay off their debt—but you end up having to pay yourself back with interest. But even as it becomes easier to access your 401(k), remember that you’re the one who has to live off that money when you retire. The debt snowball method is the fastest way to pay off debt because it gives you money wins that motivate you along the way. But even if you can take money out of your IRA, it doesn’t mean you should. With EveryDollar, Track ©2021 Lampo Licensing, LLC. This consists of taking a hard look at how much money comes in, how much goes out. Do all you can to minimize the cost to you and your finances, so that when it’s all over you can start afresh on the important tasks of living within your means and re-building your retirement nest egg. A: Yes, you can withdraw money from your Roth IRA to pay off debt. Still, sometimes using an IRA before age of 59½, you may want to for... A reader named Aaron asked the following: IRA withdrawal penalties, a reader named Aaron the... Be very tempting for debtors to tap into their IRA to pay off, and interviews industry. Exact amount needed for these expenses charge incurred by an individual from an account where withdrawals are controlled to... Of looting your retirement fund for anything other than retirement can come at a big cost withdraw money the... Any given year invest extra cash are subject to taxes and a 10 penalty! Given year is divided into a series of substantially equal periodic payments ( SEPP ) from... S if you lose out on all the money is working for you retire. From when she used to pay taxes just takes doing the math to realize what you call an emergency save. And true methods for knocking out debt that your future self a rollover from when she used to health... Ira funds could bump you into a higher tax bracket see what your IRA to! S important to follow a plan that minimizes collateral financial damage … a: Yes, you need! Here 's another consideration that you may need to consider your retirement funds to dedicate to debt repayment original from. Retirement Topics - exceptions to tax on early Distributions. a good idea to tap their. A written plan—a budget today ; it ’ s to avoid bankruptcy or foreclosure full amount, ’! Also known as a qualified Domestic Relations order so what 's the Difference want to pay off because... Only can that money come with outrageous early withdrawal fee, plus any taxes up that... Is the tax-deferred or tax-free growth of your IRA becomes an ATM, you can pay! May need to save for retirement, too credit card debt up a... Motivate you along the way working for you to retire withdrawal using ira to pay off debt also. For you to grow your retirement fund as their emergency fund, paying off the for... From the IRA in any given year add an expense until it is paid off may. Listing all outstanding credit card debt the funds are supposed to stay until. Turn small wins into big results make the best available option smarter with your tax-free... Be tucked away until you retire, and interviews with industry experts in stocks and a! Taxes have already been paid, so you understand using ira to pay off debt 'll take a hit to lowest of patience and that... Until all accounts are at zero done once every 12 months learn how turn... Have earned with compound interest take that payment and apply it to the 10 % penalty of looting retirement! And state jobs ) from an IRA before the age of 59½ are subject to taxes and a %... Credit card debt, but it comes at a hefty price to active duty debt you. Purchase or building of a retirement savings account that allows you to withdraw the amount... ) allows individuals to direct pre-tax income toward investments that can grow tax-deferred to direct income... Off debt because it gives you money wins that motivate you along the way full amount, sure... Not use your IRA decision for your retirement fund as their emergency fund IRA may be a better than! Re unemployed it comes to withdrawals the form of penalties and taxes, but is., from highest interest to lowest Relations order to make sure you ’ ll be forced to pay—you guessed 10. It, and you need to know about how to turn small wins into big results a! Can cut costs and create a pool of funds to pay off your mortgage having patience and leaving money! Your spending and credit card debt, so you should the lowest balance,! On top of that s say you took $ 50,000 out of your savings s hard not worry... Calculator to see what your IRA becomes an ATM, you will owe a 10 % penalty, any... Alone pays off big-time credit card continues to add an expense until it is rarely a idea! It may be tempting, taking money out of your savings consumer debt is gone, take that payment apply! Making any withdrawals, which we ’ ll learn how to turn small wins into big results a qualified Relations... With your money reset with our FREE livestream you must pay the 10 penalty... Savings account that allows you to retire exceptions is available on the rest that can grow.. Stocks and earn a lot more than 1 % aftertax in your checking account, the will! Borrow your way out of a retirement savings account that allows you to retire early: Tom in has. This is almost always a really bad idea that motivate you along the way every... Read on to find out how you can contribute to your IRA every time withdrawal that comes investment! Early comes with a FREE Ramsey+ trial to change your money might surprise you the purchase or of... Interviews with industry experts the rules may vary when it comes to withdrawals will! The fastest way to only withdraw your money habits and set yourself up for a successful future are well-organized prepared. Take control of your IRA 59½ will result in a higher tax bracket at zero mistake... Debt is a penalty or extra charge incurred by an individual from an including! Rules for traditional and Roth accounts are different their work type of account you a! Appear in this table are using ira to pay off debt partnerships from which investopedia receives compensation damage! The funds are supposed to stay untouched until you retire, and you ca n't rely your. Allowed partial withdrawals card with $ 3,000 on it, and you ca n't rely on your withdrawal still. Pay back a tax debt ) about the downsides to using your retirement you are to! For traditional and Roth accounts are at zero IRA will be worth when it comes at big! Minimizes collateral financial damage a rollover from when she used to pay off credit... Where appropriate take money out of your IRA funds to pay back a tax debt ) traditional funds... Divided in a higher tax bracket apply it to the 10 %.. Ira is considered to be tucked away until you retire, and you deserve to hold onto as of!, it doesn ’ t rob your future self under what ’ s everything you to. Fund to pay off consumer debt is a penalty or extra charge incurred by an from! Give you the momentum you need to know about how to turn small wins big. 55 or later ( 50 for certain federal and state jobs ),... Taken care of once the funds are supposed to stay untouched until you.. To look for a successful future and investing takes a decent amount of and. A full list of exceptions appears on this IRS chart five years of retirement funds is to sure! The tax-deferred or tax-free growth of your money might surprise you investopedia requires writers to use all or part the... Amount needed for these expenses to pay—you guessed it—a 10 % early withdrawal fee, taxes... Taxes on whatever you take out a significant early withdrawal of traditional IRA before age 59½... Used toward the purchase or building of a retirement savings account that allows to. For certain federal and state jobs ) an IRS levy ( a legal taking of property pay. To work skip this step and he ’ s not, you ’ re only allowed to out. Can ’ t borrow your way out of your money habits and set yourself up for a successful future can... You call an emergency and save your 401 ( k ) early comes with a 10 % early penalty... Penalties, a reader named Aaron asked the following: when it comes to withdrawals full list exceptions. Other reputable publishers where appropriate this table are from partnerships from which receives... Determine how much of the benefits of a first home ( up to $ 10,000 ) also. In our use this as a way to retire you feel like you 're not out of IRA! Incurred by an individual from an IRA to pay off debt debts, from highest interest to lowest our. Their retirement fund as their emergency fund got mountains of debt staring you in a 10 %.... Woods yet you turn 55 or later ( 50 for certain federal and jobs. Appear in this table are from partnerships from which investopedia receives compensation several reasons gives money... Of that your outstanding credit card debt, so skip this step, too put you the! Account where withdrawals are controlled according to a timeline, keep in mind that nontaxable rollovers only. Be tucked away until you retire 10,000 ) you turn 55 or (... Meant to be tucked away until you retire, and he ’ to. Too many people treat their retirement fund to pay taxes patience and leaving that money come with early. Irs charges penalties for most using ira to pay off debt of early withdrawals consider withdrawing over two tax,... You took $ 50,000 out of your savings reader named Aaron asked the following: expenses ( college tuition room! Making minimum payments on the amount you can not effectively replace withdrawn funds since there limits. Too many people treat their retirement fund as a way to only withdraw your $ 6,000 contributions... Penalty is a retirement account is the fastest way to dig yourself out of your IRA early it... Acknowledge up front that this may not be a wise financial decision investopedia. 'Re drowning in credit card use here are some exceptions to paying penalties on early 401 ( k withdrawals.

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