If you gotta dip into your retirement savings, there are plenty of ways to go about it.

But all of the specific rules make it confusing.

To make it easier, here are a list of options for withdrawing money early.

Along with those options are all the rules and stipulations you should keep in mind.

There are exceptions to this, and we’ll point them out when they apply.

You’ll have to pay this money back, but you should do that anyway.

You want to replenish your nest egg, no matter how you borrow money from it.

Of course, there are limits.

you might borrow up to $50,000 or 50% of your account balance, whichever is less.

You’ll have five years to pay the money back, with interest.

Of course, that money goes back into your retirement account, including the interest.

Because it’s a loan, the money you borrow is tax exempt.

You will, however, be taxed on the interesttwice.

First, you’re already paying for interest with your after-tax dollars.

Basically, you’re being taxed on after-tax money.

According toForbes, your former employer will probably want you to pay that money back quickly.

Expenses for the purchase of a boat or television would generally not qualify for a hardship distribution.

Here’s the catch, though.

For example, you could withdraw money for education expenses, but you’ll pay that penalty.

For that reason, the 401(k) loan is usually the better option.

These hardship withdrawals apply to IRAs, too.

And IRAs have more penalty-free options.

Weexplain this in more detail here, but it works this way because it’s not a tax-deferred account.

You pay taxes on it.

You’ve already paid your taxes, so the IRS doesn’t care.

The withdrawal is also penalty-free.

The key word here iscontributions.

The money in your IRA, ideally, grows.

So you’ll have to prove just how much you’ve contributed over the years.

you’re free to get this proof from the company that holds your account.

This works for any bang out of IRA, and it isn’t limited to contributions, either.

you’re able to also take out earnings.

Of course, there are rules.

What’s more, the institution has to be approved by the IRS, too.

Any money you take out of the account will be taxed if it hasn’t been already.

That’s true for any of these scenarios.

Use The “First Home” Exception

Buying your first home?

you might take out $10,000 from your IRA to put toward the cost.

That gives you $20,000 to put toward your first home.

The rule is pretty flexible, too.

You don’t necessarily have to be purchasing your veryfirsthome, just your very first “principal residence.”

This means, if you bought a vacation home somewhere, you could still qualify for this exception.

There are a few stipulations.

You have to use the money within 120 days of the withdrawal.

And there are some special rules for Roth IRAs, too.

Special Rules for Roth

Once again, you’ve already paid taxes on your Roth contributions.

So it might seem like you don’t have to worry about a tax bill for your home-buying money.

Butwhenyou opened the Roth matters.

But if you opened your Roth IRA less than five years ago, the withdrawal is anearly distribution.

So while your contributions are tax-free, you may owe taxes on any earnings you withdraw.

So basically, withdraw your contributions, and you’ll be fine.

“Take Back” Your IRA Contribution

Let’s say you’re an awesome saver.

The IRS offers something called a “take back” contribution.

you might take back one contribution made to your traditional IRA without having to pay tax on it.

You’re taking it back, after all.

If you’re in a pinch, and you have a traditional IRA, it’s something to consider.

Zackshas more detail on this, including step-by-step instructions on how to do it.

you’re able to roll over your Traditional IRA to a Roth IRA and then borrow that money.

Fail to pay any of it back, though, and you’ll face the penalty.

Bankrate points out that this isn’t a revolving loan.

This may be obvious, but it’s worth pointing out.

Once again, you’ll have to pay taxes on any money that hasn’t already been taxed.

Taking money from your retirement isn’t a decision that should be made lightly.

There are so many factors to weigh and considerations to make.

confirm you’ve considered all the potential effects before you take the plunge.

You also want to check that to eventually replenish your account.

Just remember, you saved that money for a reason.

You don’t want to lose sight of your retirement.