How to Avoid Early Withdrawal Penalties

💼 Want expert help in planning for your financial future? Apply for a consultation here 👉 https://calendly.com/erg-kc/introduct... Thinking about tapping into your retirement savings early? The IRS might have a 10% surprise waiting for you. Withdrawing money before age 59½ from a traditional IRA or 401(k) can trigger not just regular income taxes, but also hefty penalties. In this episode, Scott explains the rules around early withdrawals and why understanding them can save you thousands. Here’s what we cover in this episode: 💸 The 10% IRS penalty trap explained ⏳ Why 59½ is the magic age to remember 🏠 Key exceptions: home purchase, education, medical expenses 🛠️ Planning strategies like the Rule of 55 and 72 🔑 Why preparation prevents regret later in retirement 0:00 – Intro 1:08 – Understanding the 10% Penalty Trap 2:37 – Common Exceptions That Can Save You 5:38 – Next-Level Withdrawal Strategies 9:15 – Planning Ahead to Avoid Regret 📞 Call us: 913-393-4724 🌐 Visit our podcast website:  https://listentoscott.com/ 📚🛠️ Check out Scott's book, Exceptional Retirement, and Retirement Toolkit Download here 👉 https://keap.page/bu413/exceptional-r... 📰 Read our latest articles on Kiplinger: https://www.kiplinger.com/author/scot... 📌 Follow us for expert retirement planning tips!   / elevatedretirementgroupkc   #retirement #retirementplanning __________________________________________________ This video has been prepared for educational and marketing purposes only. The information in this video is general in nature, does not constitute personalized investment advice, and does not provide a complete analysis of the subjects discussed. All investments involve risk, and different types of investments involve varying degrees of risk. There can be no assurance that any specific investment strategy will be profitable or suitable to you. Additionally, although information presented in this video is believed to be factual and up-to-date, we do not guarantee its accuracy. You should consult an attorney or tax professional regarding your specific legal or tax situation and should consult a professional adviser before implementing any of the strategies mentioned in this video. Investment Advisory Services are offered through Elevated Capital Advisors, LLC, an SEC Registered Investment Adviser affiliated with Elevated Retirement Group, LLC. Registration as an investment adviser does not constitute an endorsement of Elevated Capital Advisors, LLC by securities regulators, nor does it indicate that the firm has attained a particular level of skill or ability. Insurance advice and products may be offered by a third-party insurance producer, which may be affiliated with Elevated Retirement Group, LLC and Elevated Capital Advisors, LLC. The host and Third Wheel Media, LLC receive compensation for their assistance in preparing and hosting this video.