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Mom Confessions Mom Confessions

Can you cash out early on a Simple IRA? I need the money

Anonymous
Posted by Anonymous
  • 55 Replies

It's through Vanguard. It'll be considered early withdrawal before age 591/2. I'm 28. It's an emergency. I have loads of medical bills cause I have no insurance for my kids. I started a new job and won't get medical benefits til September. Til then I have to pay out my pocket for mainly my baby's shots and my older child has a dentist appointment coming up. I don't want to go through COBRA because either way I go through with it or pay out my pocket, it's the same thing. Both ways are too expensive. But I have to deal with it. My older son's dad has no insurance from his job and my current boyfriend has insurance but can't enroll our child til the next enrollment date which will be in December. Obviously before then I'll have my insurance. Please no bashing, I'm only using this money to help pay for my childrens' medical bills because I do not want to file bankruptcy. I am aware of the penalty for tax time but it's worth it.

Posted by Anonymous on Jun. 15, 2013 at 10:17 AM
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Replies (1-10):
Anonymous
by Anonymous 2 on Jun. 15, 2013 at 10:18 AM
Not worth it at all. You should have put your kids on state insurance.
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zoegirlsmom
by Platinum Member on Jun. 15, 2013 at 10:21 AM

Yes, just contact he holder. It's like a 25% penalty, you might be better off with low interest rates right now to get a loan.

Anonymous
by Anonymous 1 - Original Poster on Jun. 15, 2013 at 10:24 AM

 

Quoting Anonymous:

Not worth it at all. You should have put your kids on state insurance.

 There's a waiting list/waiting time. Could exceed 30 days so either way I'd have to pay out my pocket cause my baby gets his next shots next week.

Anonymous
by Anonymous 1 - Original Poster on Jun. 15, 2013 at 10:25 AM

 

Quoting zoegirlsmom:

Yes, just contact he holder. It's like a 25% penalty, you might be better off with low interest rates right now to get a loan.

 I have average credit not good.

babyspots17
by Gold Member on Jun. 15, 2013 at 10:26 AM

If it is from you previous employment then yes you should be able to.   I am surprised you bf can't put your baby on how old is he/she?  

Benjamins-mama
by Platinum Member on Jun. 15, 2013 at 10:26 AM

why didn't you enroll your kids in state insurance til they could be added to yours when you get it?   You should just get a low interest rate loan if you can

Foleygirl24
by on Jun. 15, 2013 at 10:29 AM

http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics---Tax-on-Early-Distributions

Sorry, don't know how to make it clicky... hope this helps. There are other links on the IRS website that might give you more info.

zoegirlsmom
by Platinum Member on Jun. 15, 2013 at 10:29 AM


You could use your local health dept for vaccines, that's free, at least in my state. You could try to push back the dental appt if he's not having any problems a month or two would be okay.

Quoting Anonymous:


Quoting zoegirlsmom:

Yes, just contact he holder. It's like a 25% penalty, you might be better off with low interest rates right now to get a loan.

 I have average credit not good.



thenameshailie
by Ruby Member on Jun. 15, 2013 at 10:31 AM

Yes, but its a bad idea!

AjCeCeMom
by Ruby Member on Jun. 15, 2013 at 10:32 AM
You'll get taxed like a bitch, don't do it!
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