I think the authors of that notable instrument intended to include all men, but they did not mean to declare all men equal in all respects. They did not mean to say all men were equal in color, size, intellect, moral development, or social capacity. They defined with tolerable distinctness in what they did consider all men created equalâequal in certain inalienable rights, among which are life, liberty, and the pursuit of happiness. This they said, and this they meant.
Take care to avoid these five significant retirement penalties: IRA early withdrawal penalty. If you withdraw money from your IRA before age 59Â½, you will generally have to pay a 10 percent early withdrawal penalty in addition to income tax on the amount withdrawn. So, if you withdraw $5,000 from your IRA at age 40, youâll need to pay a $500 tax penalty.
It's taxed as ordinary income. If you're under age 59-1/2 you'll pay an additional 10% for a penalty on the total amount of the withdrawal. There are a few exceptions to the penalty. They'll most likely withhold 20% for taxes when you make the withdrawal.hen you cash out an IRA, it is taxed the same as income, plus an early withdrawl penalty, which will vary according to what type of fund it is and the amount you are taking out. Unless you are over the age of 59 1/2, it will cost you anywhere from 20-45% of the value of the account.