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Are you trying to figure out just how much money you can get with a withdrawal from your retirement savings? Wouldn't it be great if there were some sort of calculator that would allow you to determine exactly the amount of money that you can withdraw from your retirement savings without having a lasting negative effect on your income -either now or after you've retired?
Before you use a retirement calculator to determine how much of a withdrawal you can make from your retirement savings, you need to understand the penalties for making early withdrawals.
The first thing that you need to understand is that, depending upon the type of retirement account your withdrawal comes from, there may be a penalty -up to 10% of the amount withdrawn. Next, you need to understand that the money that you put into your retirement accounts is often taken from your salary without taxes taken out; therefore, when you make a withdrawal from your retirement savings, you'll need to pay taxes on the amount that you withdraw.
Third, you'll need to be aware that there are often restrictions on what you can use the money that you withdraw from your retirement savings for. An example of this is the financial hardship withdrawal rules on a 401k account: The money withdrawn can only be used to pay college tuition, to pay medical debts not covered by insurance, to pay off housing debts to avoid eviction or to put a down payment on a home of your own.
Once you understand those key points of making a withdrawal from your retirement savings, if it is still something that you want to do, make sure that you find a retirement calculator that will show you how the withdrawal will affect your income -both when you retire and when you make the withdrawal.
Bob's free retirement calculator that you can download by clicking the red button at the bottom of this page will allow you to explore the overall picture of your retirement income. You'll be able to look at the savings and investment accounts that you have and how they have performed. You'll also be able to look at projections for how they will perform in the future.
You'll be able to see how your retirement income will be affected by a number of things: Changing interest rates, inflation, new investment strategies and -most importantly for your purposes now -withdrawals from your retirement savings.
And in case you cannot get all of the questions you have about making a withdrawal from your retirement savings just by using Bob's free retirement calculator, you'll be able to take advantage of the free consultation with a trusted financial advisor. You'll be able to ask the questions that you still need to have answered, and you'll get the advice that you need so that you can be sure the decision you are making about whether or not to make a withdrawal from your retirement savings is the right choice for you.
Before you make a choice that could negatively affect your income now and after retirement, you owe it to yourself to get all the information you need. The best way to get the information is to do your research, or take advantage of a retirement calculator that has done a lot of that research for you.
Find out for yourself whether or not making a withdrawal from you retirement savings is right for you. Click the blue button below. Access Bob's free retirement calculator. Get the answers you need.