Tools & calculators

Early Withdrawal Calculator for 401(k)s, 403(b)s or other retirement plans

Calculate the costs of an early withdrawal

If you’re thinking of dipping into your retirements savings, it’s best that you understand the impact it can have on your financial future.

What to know before taking funds from a retirement plan

Immediate and costly tax penalty

Dipping into a 401(k) or 403(b) before age 59 ½ usually results in a 10% penalty. For example, taking out $20,000 will cost you $2000.

Lost opportunity for growth

Time is your money’s greatest ally. But when you withdraw from your future savings, you’re denying your money the chance to earn valuable interest.

Tax impact on withdrawals

Because it’s taxable income, not only could a withdrawal increase your tax bill, but it can potentially move you into a higher income bracket requiring even more taxes.

Withdraw money with confidence

Learn more about taxes, penalties, and exceptions on our FAQ page.

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This tool is for educational purpose only.

When considering making an early withdrawal from your retirement savings, it is important to understand the potential impact of such a decision. The Early Withdrawal Calculator (the “tool”) allows you to estimate the impact of taking a hypothetical early withdrawal from your retirement account, including potential lost asset growth, tax consequences and penalties based on information you specify. The tool’s results represent analysis and estimates based on the information you have provided, but they do not reflect all relevant elements of your personal situation. These estimates should not be regarded as predictions, advice, or recommendations. The actual impact of your financial decisions may vary significantly from these estimates. This information does not constitute an application, offer or commitment by TIAA, or a representation of interest rates, investment performance or any other future performance. The accuracy of this calculator and its applicability to your circumstances is not guaranteed. You should obtain personal advice from qualified professionals. This information is not intended to constitute legal, financial, tax, or other advice. TIAA does not provide legal, accounting, or tax advice. Please consult your tax or legal advisors before taking any action that may have tax or legal consequences. You should read all associated disclosures.

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