What to know about early IRA withdrawals

• Paying for college – You are allowed to take penalty-free withdrawals to pay for tuition and other qualified higher education expenses for you, your spouse, children or grandchildren. However, since the withdrawals may be considered taxable income, they could reduce the student's eligibility for financial aid.
• Buying a first home – You and your spouse can each withdraw up to $10,000 from your respective IRAs to buy your first home. To qualify as a first-time homebuyer, you (and your spouse) need to have not owned a home for the two years preceding your home purchase.
• Having a child – Following the birth or adoption of a child, you and your coparent can each withdraw up to $5,000 from your respective IRA without paying the 10 percent penalty.
• Covering medical expenses – You may be able to avoid the early withdrawal penalty if you use the money to pay for unreimbursed medical expenses (for you, your spouse or dependents) that exceed 7.5 percent of your adjusted gross income. You may also qualify to take a withdrawal without penalty to pay for health insurance premiums if you are unemployed. In the case of a disability, the 10 percent early withdrawal penalty also may not apply.
• These aren't the only exceptions to the 10percent  withdrawal penalty, but they do cover many of the common reasons that people may consider an early withdrawal from their IRAs. And if you do need to take an early withdrawal, consult with your tax advisor to determine your eligibility for avoiding the 10percent  penalty.

Keep in mind, though, that you do have ways to potentially reduce the necessity of withdrawing from your IRA early. One proven technique is to build an emergency fund containing at least three to six months' worth of living expenses, with the money kept in a liquid account. You might also consider opening a line of credit. A financial professional can help you explore other options, as well.

Ultimately, if you can leave your IRA intact until you retire, you'll be helping yourself greatly. But if you do need to tap into your account early, at least be familiar with the possible drawbacks – and how you might avoid them.

This article was written by Edward Jones for use by your local Edward Jones financial advisor. Courtesy of Rob Adams, 71 Main Street, North Adams, MA 01247, 413-664-9253.. Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation. For more information, see This article was written by Edward Jones for use by your local Edward Jones financial advisor. Courtesy of Rob Adams, 71 Main Street, North Adams, MA 01247, 413-664-9253.. Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation. For more information go to www.edwardjones.com/rob-adams.

North Adams Jewelry Store Has New Owner

By Breanna SteeleiBerkshires Staff
05:34PM / Thursday, December 18, 2025

Cheryl Coppens put out a call for someone to take over the jewelry business she began last spring  — jewelry maker Alexandra Padilla answered the call.

NORTH ADAMS, Mass. — The Artful Jeweler has a new owner who is looking to expand its offerings.

Cheryl Coppens opened the jewelry store in May, showcasing local artists, offering fine jewelry, and jewelry repair.

But a new grandson in Texas, and the difficulties in flying back and forth to see him, had her looking to move closer to him.

Last month, she posted on the business's Facebook that she wanted someone to take over the space and continue the venture. Alexandra Padilla reached out to her and Coppens said she met all her criteria she was looking for in anew owner.

"You have to really want to be in retail. You have to want to be in this community, priced where people can afford it. Alex is native to North Adams. Her husband, she's got two great kids, so it just felt like they would be able to continue the store," Coppens said. "So the criteria really was somebody that would work the store, not somebody that would just come in and hire employees. I didn't want that."

Padilla started taking over the store in the beginning of December. She has been selling jewelry for about three years, and has an online shop, and has worked in wholesale jewelry for about 15 years.

"I always wanted to have my own thing on it, and I wanted to bring something new, and I want to involve my family, my kids do something, and I want to be independent," she said.

Now Padilla showcases her jewelry in the Ashland Street store and plans to keep some of the local artists' items, like stained glass made by Coppens' mother.

Padilla customizes jewelry and tailors pieces to her customers.

She plans to work around her job at Berkshire County Head Start so she can open store for more hours. 

She also plans to redesign the store a little bit and bring in a couple more lines, like more rings and pearls. 

The store is open on Saturdays and Wednesdays from 10 a.m. to 6 p.m., Thursdays 9 to 2, Fridays 9 to 6, and Sundays 9 to 3. The store has also been open on Mondays 10  to 5 and Tuesdays 10  to 3 for the holidays. 

Padilla thanks Coppens for trusting her and hopes customers continue to support the Artful Jeweler.

"Thank you for trusting me. I'm going to try and do my best and work hard to make it happen," she said. "This is our first time selling retail, so we hope the community supports us in here."

Coppens will be helping Padilla until she is comfortable operating the store on her own. She said it will continue to be a space of community support.