I’m much less that 59 years old but am facing financial difficulty. I’m struggling to make my mortgage payment and am eat up with credit card debt (which I’ve now cut up). I’ve decided that I must access my IRA to make these payments in order to avoid further damage to my credit score.
Is there an IRS rule that will help me avoid the 10% penalty for hardship withdrawals?
Would you agree that even if I must occur the penalty, that is better than ruining my credit and paying credt card late fees?