Attension Public Safety Worker's !
Did you know? You have the ability to early retire. Did you know that a provision within the 2015 Trade Priorities and Accountability Act allows you to avoid the 10% early withdrawal penalty associated with distributions from retirement plans prior to obtaining the age 59 1/2.
To find out if you are on target for early retirment contact us below:
You are considered a “Public Safety Worker”, if you are one of the below, which includes:
- State and Local Police,
- Firemen and EMS Workers
- Federal Public Safety Workers such as Federal Law Enforcement Officers (FDLE) and Federal Firefighters
- Air Traffic Controllers
- Border Protection Officers
- Certain Customs Officials
You have the ability to early retire without the IRS 10% early retirement penalty restrictions being applied to every dollar withdrawn from your retirement plan account over and above the normal federal income taxes due.
Normally if you retire prior to age 59 and 1/2 the IRS imposes an early withdrawal penalty of 10% on retirement account withdrawals. Current law provides an exception to that 10% penalty for individuals who terminate service after age 55, if they meet the above job classes.