withdrawal penalty
Premature access cost
A withdrawal penalty is a fee charged for taking money out of an account before a specified date or term ends.
Banks impose penalties on early withdrawals from certificates of deposit; retirement accounts like 401(k)s and IRAs carry tax penalties for withdrawals before age 59½.
The penalty discourages people from treating long-term savings as readily accessible funds: The withdrawal penalty wiped out most of the interest I'd earned.
- earlyOccurring before expected
- feePayment for service
- IRATax-advantaged retirement fund
- Roth IRATax-advantaged retirement account
- 401kEmployer-sponsored retirement savings
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- retirementretirement, retire, retirement age, retirees, retirement income
- annuitiesannuity, annuitant, annuitization, guaranteed income, lifetime income
withdrawal penaltysign-up bonus
Reward for registering
welcome bonus · matching contribution · referral bonus · fee waiver · loyalty reward
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