Early withdrawal from an IRA before the age of 59-1/2 results in an additional 10% tax penalty on top of the regular state and federal taxes due on the money received. Recent years have seen a record rise in unemployment among workers over 50, who seek work but struggle against age discrimination, lack of recent training, and often discrimination just for being unemployed. The length of time out of work is also increasing.
As a result, when it becomes necessary to prematurely withdraw from their IRA to cover living expenses as they seek employment, they incur yet another significant financial loss.
Please sign this petition calling for a waiver of the 10% tax penalty on premature IRA withdrawals for involuntarily unemployed job-seeking workers age 50 and older.