A Trick to Withdrawing Your 401(k) Early

Подписаться 51 тыс.

Просмотров 36 тыс.

50% 1

The 401(k) is one of the most powerful wealth-building tools available, especially when planning for financial freedom in retirement. While accessing that money in retirement is pretty simple, gaining access to your savings if you retire before age 59½ is not so straightforward. On today’s episode of The Wise Money Show, Mike, Josh, and Kevin discuss two creative strategies that can help maximize the usefulness of your savings and minimize unforced errors when withdrawing from your retirement account.
Season 5 Episode 27
Have a question for the show? Call or text 574-222-2000 or leave a comment!
Want to speak with a Certified Financial Planner™? Visit www.korhorn.com or call 574-247-5898.
Find more information about the Wise Money Show™ at www.wisemoneyshow.com
Be sure to stay up to date by following us!
Facebook - / wisemoneyshow
Twitter - / wisemoneyshow
Instagram - / wisemoneyshow
Want more Wise Money™? Read our blog! www.korhorn.co...
Listen on Podcast: link.chtbl.com...
Subscribe on RU-vid: / wisemoneyshow
Now on Spotify and Pandora - Search Wise Money Show
Thank you to our sponsors:
First State Bank - www.bfirst.ban...
South Bank Legal - southbank.legal/
Inspired Homes - inspiredhomes....
Bethel University Adult & Graduate Studies - www.betheluniv...

Опубликовано:

9 сен 2024

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист

Посмотреть позже

Комментарии : 39

@dalegg66 3 года назад

Oh no..Not 55th birthday. It's the year you turn 55..and hey! That's me! Everyday is a stinky day at work these days..so..seeya

@a_landstander 3 года назад

"As long as you leave your employer after your 55th birthday..." I thought that the rule was actually, as long as you separate from service in the year that you turn 55?

@ea4744 3 года назад

U,r correct

@a_landstander 3 года назад

Yay for December birthdays!

@dovk0802 3 года назад

One reason to take leave rather (especially terminal) than cash it out is that allowances are paid while on leave.

@helomech1973 2 года назад

I am hoping I can work till I turn 54, so I can do the 55 t, but if this vaccine mandate makes me loose my job, I will do the 72T withdrawal, I am currently 48.

@karenwallace5855 3 года назад

If you are planning to retire way before 59 or 55, then best put plenty of money into a regular investment account that is non retirement. Always good to have both.

@stephtraveler7378 2 года назад

This is not really a "trick" as this is written in the tax code and is perfectly legal and common. Its really a "lesser know" method to begin withdrawals early... Right?

@RoBDeeZL42 3 года назад

48 minutes to say some shit they could've said in 48 seconds

@donmountford797 3 года назад

It's a 1 hour radio show that they put on RU-vid. If you want a quick answer just Google your question.

@RoBDeeZL42 3 года назад

@@donmountford797 yeah im not an average listener or follower, so i didn't know that it was deliberately meant to be an hour long. Was looking for something more straight to the point. I guess a lot of people like fluff and listening to people talk without saying anything.

@dmay9081 2 года назад

What's the difference in 401k and 401CU, is cu bad?

@andielliott7721 2 года назад

Y'all just take to long to answer a question.

@WiseMoneyShow 2 года назад

Thanks for the feedback, Andi! This is our 1 hour radio show that we also upload to RU-vid. We post shorter, 5-10 minute, videos every business day packed with wise financial tips!

@ximmy_athlete119 2 года назад

Why would you leave your retirement on the hands of an age that you may or may not even get to and by the time you get to that age your too old to enjoy life and will still pay taxes and fees. Take the penalties now and invest in your future. if your smart about it you can recover the lost money and more for life. *NOT FINACIAL ADVISE* Just my opinion.

@donmountford797 3 года назад

My question is, can I transfer some of my IRA into my 401k so I have more funds available to remove when turning 55.

@globalforextc3146 2 года назад

401k isn't the best investment choice or even a means of saving for retirement. They only use your money to invest and make much more and in return they pay you a very little percentage of your money worth as your interest rate. Invest directly into the biggest market in the world and make much more return on your investment. I have made a million plus investing directly in the currency market with the right trader

@anniesshenanigans3815 3 года назад

So what is the optimal amount to take out to minimize taxes? Is it taxed just like regular income? So I could take increments out each year and expect it to be taxed at the regular tax rates... ??

@donmountford797 3 года назад

If it's traditional 401k. Yes, withdrawals are considered regular income. If it is Roth 401k, it's already been taxed and is tax free

@globalforextc3146 2 года назад

@anniesshenanigans3815 2 года назад

@@globalforextc3146 most people do not understand nor want that risk.

@globalforextc3146 2 года назад

@@anniesshenanigans3815 send me a direct message and I can show you a few things about this platform

@terryrutt6063 2 года назад

CAN YOU TALK ABOUT RETIREMENT PLANNING ?

@WiseMoneyShow 2 года назад

Hi Terry! We have a whole video playlist dedicated to different topics pertaining to Retirement Planning you can watch. If you don't see a specific topic you would like covered, let us know and we'll try to hit it as a topic for a video! ru-vid.com/group/PL3L8uBoM_oMn3QK6BYPSVhc-StqsC2-XI

@ygermal1 3 года назад

How do I roll over my 41k money the company I already left besides I don't have any information thanks

@alexiseisenmann5769 3 года назад

You should be able to contact the company that managed the 401k for you (eg Vanguard, Principal, Fidelity etc) and get your account details. If you don't know who managed the 401k, reach out to your old human resources team and find out. Once you know who is holding your 401k and who you want to have managing the account, go the NEW managers website and EITHER open a new account with the roll over option and provide the details for them to contact the current account holder OR, if you already have an account of the desired, then go ahead and schedule a transfer from the existing account holder. You typically have to provide the account name, account type (401k/ roth since changing the account type may be a taxable event) and a rough estimate of the amount of money to be transferred. If you have any questions you can contact the helpdesk for the company that you would like to have your new account with (as they will happily assist you in becoming a customer).

@JOSEGARCIA-gw4tk 2 года назад

Waste of time, all talk and said nothing constructive in 20 minutes.

@carlakleinheksel6757 4 года назад

Kevin, probably your son's sick leave would be taxed at the Supplemental Tax rate. Currently 22%...not his W4 rate. Per IRS Publication 15

@globalforextc3146 2 года назад

@milagroarana6819 2 года назад

Hello

@dougm1985 3 года назад

i would love to leave work at 55, i have a big 401k, the problem is health care.....oh well, 7 more years to go. out at 62. health care at 65. i will chance the 3 years if i can't find affordable health care.

@globalforextc3146 2 года назад

@stwerks 2 года назад

Please change the title to say after your 55. This is a waste of time. Google could tell you this in 2 minutes and some of us aren't 55 and have a good reason/plan to make more with the money now than waiting until we are more old and miserable than we are already. As I see it there is currently no way to avoid the penalty other than a ROBS (which also has too much BS to do) if your not 55 or older. Too bad the cares act ended and provided me no benefit at all. Just BS. If I finish this video I might be 55 by the time it is over though.