Can I make withdrawals or take loans from my retirement account?
Asked 6 months ago
Yes, you can make withdrawals or take loans from your retirement account with Voya Financial. However, it is important to keep in mind that certain rules, restrictions, and penalties may apply. Withdrawals made before the age of 59 ½ may be subject to early withdrawal penalties imposed by the IRS. Loans, on the other hand, allow you to borrow against your retirement account balance, often with lower interest rates compared to traditional loans. The availability of loans and the repayment terms may vary depending on the type of retirement account you have and the specific plan rules. It is recommended to consult with a Voya Financial representative or review the plan details for more information on withdrawals and loans from your retirement account.
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