Can I get my money out of a MEC without penalty?
Withdrawing money from a Modified Endowment Contract (MEC) without incurring penalties is limited. You can access funds through withdrawals or loans, but these will likely lose the tax breaks and be subject to income taxes on the gains and a potential 10% federal penalty if you are under age 59½. To avoid penalties, you may consider waiting until you meet the age requirement or exploring other financial strategies that better align with your needs.