If you take money out of a retirement account (IRA, 401(k), 403(b), etc.) before reaching the age of 59½, you typically must pay income taxes on the withdrawal plus an additional 10% early withdrawal tax unless an exception applies.

If they apply, these exceptions may save you the 10% penalty if you have to tap into your retirement accounts early.

1. Death or Disability- If someone in your family becomes permanently disabled, your retirement may be the last place that you want to draw funds.  There are options to get money out of your IRA penalty free should disability or death happen in your family.

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