There's a good reason why the federal government and insurance companies put stiff penalties on early withdrawals from tax-favored retirement plans and annuities. Without disincentives, some investors would tap into their retirement funds, and end up with seriously underfunded retirements.
Because Americans tend to change jobs several times during their working lives, and since 401(k) and other employer-sponsored plans are portable, many people will receive retirement plan distributions years before they reach retirement age. People in that position should be aware of the options discussed later in this chapter.Don't Draw from All Retirement
Income Sources at Once
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