Helpful Articles
When is the money in your retirement accounts in jeopardy?
One of the most important things we can do for our families, and our future selves, is to save money in retirement accounts. I’ve noticed a common client misconception that all money in retirement accounts (IRA, 401K, 457, etc.) is protected and untouchable by creditors. That is not true. Lets’ look at some different creditor scenarios and potential effects on retirement accounts.
The easiest way for someone to lose their retirement savings is by owing the government money. If you owe the IRS back taxes your retirement assets are fair game. Not only will the government take the money owed out of your accounts to pay back the debt, if you are under the withdrawal age, you will be charged an early distribution/withdrawal fee. The fee is likely 10% depending on the type of account.
Read more at: https://laurenjacksonlaw.com/when-is-the-money-in-your-retirement-accounts-in-jeopardy/
