{"id":353936,"date":"2015-01-28T14:12:07","date_gmt":"2015-01-28T19:12:07","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/socialsecurity\/retirement-planning\/when-i-retire-how-can-i-tap-into-my-retirement-fund.html"},"modified":"2026-02-18T15:47:15","modified_gmt":"2026-02-18T20:47:15","slug":"when-i-retire-how-can-i-tap-into-my-retirement-fund","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/socialsecurity\/retirement-planning\/when-i-retire-how-can-i-tap-into-my-retirement-fund.html","title":{"rendered":"How To Withdraw Money From Your Retirement Savings"},"content":{"rendered":"\n
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How To Withdraw Money From Your Retirement Savings<\/h1>\n\n
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Created by FindLaw’s team<\/a> of legal writers and editors<\/i><\/p>\n\n | Last updated\n

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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n\n\n

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Accessing the money you saved for retirement can be trickier than it seems. Different types of benefits and retirement accounts<\/span> have specific rules. Your money will flow differently than in your working years.<\/p>\n\n <\/div>\n\n\n\n

When you retire, it\u2019s important to know how to access your retirement fund<\/span>. Withdrawing from your retirement accounts<\/span> is often challenging when you want to ensure you\u2019ll have a steady income for years. Your retirement fund<\/span> can also be subject to federal taxes<\/span>, state taxes<\/span>, and other expenses.<\/p>\n

This guide describes the rules for withdrawing or receiving benefits from common types of retirement accounts<\/span>. You should consider issues like taxes and your investment strategy<\/span> before withdrawing any amount of money<\/span>.<\/p>\n

It\u2019s also possible you might run into a problem when trying to get money in retirement. Certain issues, such as denied Social Security<\/span> benefits, may need the help of a retirement lawyer<\/a>.<\/p>\n

Consider Your Retirement Age<\/span> First<\/h2>\n

Timing matters. The right time to withdraw funds can depend on your specific situation<\/span>. Most types of retirement accounts<\/span> have rules about your age.<\/p>\n

Even if you have a serious financial need<\/span> during your working years, you\u2019ll want to consider the downsides of an early distribution<\/span>. A withdrawal before retirement<\/a> can come with additional <\/span>tax<\/span> penalties<\/span>. Only a few exceptions apply, such as early withdrawals for high medical expenses<\/span>. Some plans allow hardship withdrawals<\/span> for limited reasons. You would need to check your eligibility<\/span> and the terms under your specific plan.<\/p>\n

Your account balances<\/span> also won\u2019t rise as quickly if you leave less money to grow over time. If you haven\u2019t reached the penalty-free<\/span> withdrawal age yet, you may want to consider other financial options for debt<\/a>.<\/p>\n

Receiving a Defined Benefit Pension<\/h2>\n

In a defined benefit pension plan, an employer pays its employee a specific benefit for life beginning at retirement. The employer controls investment risk and pension management<\/a>.<\/p>\n

The benefit amount is calculated based on factors such as:<\/p>\n