By default, Voyant adheres to IRS rules for qualified retirement accounts and will block early withdrawals that could trigger penalties for your clients.
However, if you have a scenario where early withdrawals need to be modeled, you can override this default setting.
To enable early withdrawals:
Open your client’s plan.
Scroll to the bottom of the Dashboard and select Plan Settings.
Choose Calculation Settings (the last option on the left).
Toggle on Allow qualified withdrawals before age 60.
This setting will allow the software to use qualified account funds before age 60 when needed in the plan. You’ll also need to enable this option if you intend to model 72(t) withdrawals, also known as Substantially Equal Periodic Payments (SEPPs), a special IRS rule that permits penalty-free early withdrawals from certain retirement accounts before age 59½, provided strict requirements are met.