PastTense
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Skipbreakfast: Trivium has retirement accounts.
For your normal salary you pay income tax on this salary. For retirement accounts the idea is you DO NOT pay income tax on this money before you put it into the account–instead you pay income tax after you are retired, when you take the money out of the account. Then you are probably at a lower income tax rate.
And as a discouragement for people to take money out before they retire there is a 10% penalty–if people didn’t want to save the money for retirement they shouldn’t have put the money into this type account to begin with.
Trivium, I mostly agree with Bluebird–except I think you should split your assets among at least three financial institutions–so do partial IRA transfers to these three local institutions.
As to withdrawing the funds I frankly don’t understand how you can lose so much money–I think it would be the top income tax rates you pay plus 10%. (say 28% + 10% = 38% (plus your state rate)). But I would only withdraw if I had a very good use for the money.
