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age 59Â½, you will generally have to pay a 10 percent early withdrawal penalty in addition to income tax on the amount withdrawn.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.
This concludes my rant.). If you are stressed about having to pay the 10% early withdraw penalty, donât freak out just yet. The IRS â believe it or not â does allow methods to withdraw funds from your 401k without penalty.Just make sure you follow the rules before you claim your prize. A few notes before handâ¦. 1  You always have the option to take a 401k loan (if your plan allows it). You have to take the money out in the same year you incurred the medical bills. 2  7.5% Rule. 3  Take 7.5% of your AGI (Adjusted Gross Income) and thatâs the to the extent that the unreimbursed medical bills that youâll be allowed to claim penalty free from your 401k.