Here's how to calculate yours. Image source. 401kcalculator. IRA accounts are liquidate ira calculator for retirement savings, so to discourage you from using the funds in your IRA too early, the IRS can assess a penalty for an early withdrawal. Certain IRA distributions made before you turn 59. The amount of your penalty depends on a few factors, so here's what you need to know.

retirement withdrawal calculator

By Claire Boyte-White Updated Feb 13, 2019 Most financial experts would agree that it is rarely, if ever, a good idea to withdraw funds early from retirement accounts. This is because of the high cost of penalties that can hit an account holder for an early withdraw. Although the IRS imposes the penalty to dissuade IRA participants from using their savings before retirement, this penalty is only applied to the withdrawal of taxable funds.