Repeal the Tax Penalties Imposed on all Retirees, Who Need to Make Withdrawals from Qualified Retirement Plans

Stop imposing the 10% penalty on Retirees, younger than age 59 ½, who need to withdraw funds from their retirement accounts. We were advised to save for retirement and we did, but because we have retired voluntarily or involuntarily, before age 59 1/2, we are penalized if we need to withdraw the money we saved for this time in our lives. Retirement plans warn of tax implications on withdrawals before age 59 ½ and suggest 30% of the withdrawn amount just to cover these taxes, but we have no choice. We need the money to take care of household expenses and pay our bills. I’m certain that most retirees cannot afford to lose 30% of every dollar to cover taxes and penalties. At this rate, our retirement savings will disappear a lot faster than we ever imagined.