You can dip into IRAs, 401(k)s, but follow the rules.

Early withdrawls allowed penalty-free, but they require strict adherence to process

Investors who have assets in tax-deferred retirement accounts have more flexibility than they might realize to use those funds, even if they're younger than 59 1/2.

The Internal Revenue Service imposes a 10 percent penalty tax on premature withdrawals from certain retirement plans by account holders who are younger than 59 1/2 These retirement plans include qualified plans, such as 401(k)s, money-purchase pensions, and profit-sharing plans, as well as IRA and 403(b) tax-sheltered annuity plans.

There are exceptions to the penalty, however. The Internal Revenue Code says …