What should I consider if I want to take an early withdrawal from my IRA?

The IRS charges a 10% penalty if you withdraw from your IRA before you are age 59 ½. The money you withdraw is also considered taxable, and will be included in your annual income and taxed accordingly at the end of the year, according to your tax bracket.

Additionally, if you sell funds in your IRA before you have been with us for a month, there could be additional fees coming from Fidelity. It is important to understand the fees associated with your specific withdrawal request so there are no surprises.

From a tax perspective, it is highly recommended that you discuss the detailed implications of an early withdrawal with a tax professional.

From an investment perspective, it’s recommended that other avenues be explored before resorting to an early IRA withdrawal.