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Beware Of Cashing Out - Fidelity

Traditional IRA

Key takeaways

There's an immediate cost to cashing out a 401(k): federal and state income tax, and for those younger than 59½, a 10% early withdrawal penalty.

If you run into financial trouble, a loan from your 401(k) may be an option, or a hardship withdrawal (if the plan offers it).

Long-term consequences include the lost opportunity for tax-deferred growth.

Have you ever...

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Inherited IRA - Fidelity

Option 1: Roll over the inherited assets to a Fidelity Inherited IRA account and begin taking required minimum distributions by December 31 of the year following the account owner's death.

When you move your inherited assets certain details are dictated by the type of retirement account you inherited, but generally if you're inheriting from an IRA (e.g., Traditional, Roth, Rollover, and SIMPLE),...

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How to Take an Early Withdrawal From Your IRA - Fidelity

How to Take an Early Withdrawal From Your IRA

If you're under the age of 59½ and need money from your IRA, we can help.

Withdraw From Your IRA 

Are there taxes and penalties associated with early withdrawals?

Since you are under age 59½, the IRS considers this transaction as an early withdrawal (also known as an early distribution). Taxes and penalties on early withdrawals vary by retirement...

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