Webster Dictionary(3.00 / 1 vote)Rate this definition: Ballad(noun) a popular kind of narrative poem, adapted for recitation or singing; as, the ballad of Chevy Chase; esp., a sentimental or romantic poem in short stanzas.
If you make an early withdrawal from a qualified retirement plan, the amount is added to your gross income (unless you meet one of the early withdrawal exceptions). As part of your gross income, you will owe tax on the distribution at your normal effective tax rate.
If you have some room under the Social Security tax threshold, then taking withdrawals earlier than necessary could actually save you tax in the long run. No one likes to pay tax, and many see taxes on Social Security benefits as being unfair. However, if you know the rules, you can find ways to save as much as you can on your taxes in retirement.