I think the authors of that notable instrument intended to include all men, but they did not mean to declare all men equal in all respects. They did not mean to say all men were equal in color, size, intellect, moral development, or social capacity. They defined with tolerable distinctness in what they did consider all men created equalâequal in certain inalienable rights, among which are life, liberty, and the pursuit of happiness. This they said, and this they meant.
Take care to avoid these five significant retirement penalties: IRA early withdrawal penalty. If you withdraw money from your IRA before age 59Â½, you will generally have to pay a 10 percent early withdrawal penalty in addition to income tax on the amount withdrawn. So, if you withdraw $5,000 from your IRA at age 40, youâll need to pay a $500 tax penalty.
Making the world better, one answer at a time. You can collect from a 401K at any age; however, there are withdrawal penalties as well as tax penalties until age 59-1/2.After 59-1/2 you will still have the penalty of it being taxable income, but the early withdrawal penalty goes away. The question should say age 59 and 1/2 years. For whatever reason, 59.5 years is the age at which you can start withdrawing funds from your 401K without penalty.