What are the tax implications of withdrawing from my retirement plan?

The tax implications of withdrawing from a retirement plan depend on the type of plan and the specific circumstances. In general, withdrawals from a traditional retirement plan such as a 401(k) or IRA are subject to income tax. If you withdraw before reaching age 59 ½, you may also face an additional 10% early withdrawal penalty. On the other hand, qualified withdrawals from a Roth IRA are tax-free, as long as the account has been open for at least five years and you are at least 59 ½ at the time of withdrawal. It is important to consult with a tax advisor to understand the specific tax implications of your retirement plan withdrawals, as individual situations may vary.