72(t) Distributions

72(t) distributions refer to the IRS Section 72(t) of the IRS code that deals with the 10% penalty on early distributions from retirement plans and with money withdrawn from a traditional IRA. Typically, withdrawals from IRAs prior to age 59 1/2 are subject to a 10% early withdrawal penalty. However, through Section 72(t) there are ways for you to avoid the 10% penalty, provided certain criteria are met.

To learn more about 72(t) distributions, read the attached article from our Education Series, or contact your financial professional or The Retirement Consulting Group.

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New York Life Insurance Company and its affiliates do not provide tax, legal, or accounting advice. Please consult with your professional advisor for information regarding your personal situation. The Retirement Consulting Group's services are provided by New York Life Insurance Company.