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You can tap into your IRA and 401k starting at age 59.5
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You can actually borrow from them before that, as I understand it.
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That’s true and then you pay that loan back into your 401k.
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I think it's penalty free for 60 days per calendar year
otherwise, the penalties are steep (10 percent plus income tax on the amount borrowed)
My cousin dealt with something similar a few months ago, avoided penalty after borrowing from IRA/401k
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Good point… so many seniors are destitute though especially in nursing homes
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Medicaid covers nursing homes, but I agree that it's a sad situation.
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Medicaid is a badge of poverty
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You're allowed to retire before you withdraw social security. It's not unreasonable to think someone might not be destitute the moment they quit working.