Get The Money Out Of Your 401k ASAP || Should you leave your money in your 401k or move it to an IRA

Подписаться 25 тыс.

Просмотров 131 тыс.

50% 1

Hello viewers,
Welcome back to the new episode of Everything They Never Told You. Hope all of you have enjoyed all my previous videos. Today’s video is about getting the money out of your 401k ASAP. Should you leave your money in your 401k or move it to an IRA? Roth?
Let’s discuss it. Stay connected and watch the full video. Don’t forget to share your thoughts.
Thanks and regards
Joe Wirbick
⌚Video Duration: 13:16
🎬Hope the video was enjoyable to you.
⇉If you enjoy this video, Please like and share it.
⇉ Don't forget to subscribe to this channel & press the bell 🔔 for more updates.
⇉ Subscribe this channel to stay connected with Everything They Never Told You.
❗ Express your feelings and opinion in the comment section.
.......................................................................................................................................
.......................................................................................................................................
🎬Watch my other videos:
★ Debt Ceiling Can Be Kicked and Housing Appraisals Coming up Short || The Senate Kick The Debt
• Debt Ceiling Can Be Ki...
★Where to Invest Extra Money || The Best Way of Investing Money || Best Money Investing Ideas for You
• Where to Invest Extra ...
★Reverse Repos, Debt Ceiling And the 3rd Quarter Fizzles Out || Debt Ceiling Debate Heats Up
• Reverse Repos, Debt Ce...
★Why Corporations Send Factories Overseas || The Real Reason Behind Sending Our Jobs Overseas
• Why Corporations Send ...
★The Best Place to Put Your Money || Put Your Money Safe || The Single Best Tax Advantaged Account
• The Best Place to Put ...
★Roth IRA 5 Year Rule Explained! || One of The Most Misunderstanding Regarding Retirement Accounts
• Roth IRA 5 Year Rule E...
★Inflation is out of CONTROL || Effects of The Increasing Prices of Regular Necessaries || Price Hike
• Inflation is out of CO...
★Roth Conversions Are DEAD!! Biden's New Tax Plan Appears to Kill Roth Conversions
• Roth Conversions Are D...
★The Debt Ceiling is Looming || Congress on an Impasse || Dire Consequences Of Congress Decision
• The Debt Ceiling is Lo...
★Market Volatility is Back || Discussion About Market Volatility And It’s Solution || Joe Wirbick CFP
• Market Volatility is B...
.......................................................................................................................................
.......................................................................................................................................
✿ SPONSORED:
No sponsor is available right now.
⌚ SCHEDULE:
Not scheduled
--------------------------------------------------------------------------------------------------------------------------------
📧 For Business Inquiries: joe@sequinox.com
--------------------------------------------------------------------------------------------------------------------------------
#401kInvesting #LeaveYourMoneyinYour401k #MoneyInvesting #IRA
--------------------------------------------------------------------------------------------------------------------------------
Thanks for your support to Everything They Never Told You. Hit the ‘SUBSCRIBE’ button and get all updates.
💚 Subscription Link: cutt.ly/BRtJzs0
"DISCLAIMER: This Channel DOES NOT Promote or encourage Any illegal activities, all contents provided by This Channel is meant for EDUCATIONAL PURPOSE only. Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use."

Опубликовано:

17 ноя 2021

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист

Посмотреть позже

Комментарии : 143

@LukeSamuel89 23 дня назад

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

@ArabellaBeatrice-099 23 дня назад

I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.

@LukeSamuel89 23 дня назад

@@ArabellaBeatrice-099 That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well

@ArabellaBeatrice-099 23 дня назад

@@LukeSamuel89 My advisor is Victoria Carmen Santaella;

@ArabellaBeatrice-099 23 дня назад

You can look her up online

@GabrielAnthony-09 23 дня назад

@@ArabellaBeatrice-099 The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?

@Patriciabanks5 7 месяцев назад

Becoming a millionaire through a Roth IRA or a 401(k) involves different strategies for maximizing profits. A Roth IRA offers tax-free withdrawals in retirement, which can be advantageous if you expect to be in a higher tax bracket later in life. On the other hand, a 401(k) provides tax-deferred growth and potential employer contributions, boosting your savings. The optimal choice depends on factors like your current and future tax situation, employer match, and investment options. Consulting a financial advisor can help tailor a strategy that aligns with your financial goals and circumstances.

@MarkGrimm8 7 месяцев назад

Prioritizing effective personal finance management holds greater significance than the sheer amount saved, irrespective of income source. Consulting a certified financial advisor can offer tailored strategies to optimize financial results by reducing expenses and enhancing income, regardless of whether it's earned through employment or investments.

@emiliabucks33 7 месяцев назад

I wholeheartedly concur. At 60 years old and newly retired, my external retirement funds total around One million two hundred fifty thousand dollars.. With no debt and minimal retirement fund allocation relative to my portfolio's value over the last three years, I recognize the importance of a financial advisor. Neglecting them isn't an option; however, thorough research is vital to find a trustworthy fiduciary advisor.

@carolpaige2 7 месяцев назад

This aligns perfectly with my desire to organize my finances prior to retirement. Could you provide me with access to your advisor?

@emiliabucks33 7 месяцев назад

I'm guided by “Natalie Lynn Fisk an experienced coach with extensive financial market knowledge. While you can consider other options, her strategy has yielded positive results for me. She offers valuable insights, including entry and exit points for the securities I concentrate on.

@carolpaige2 7 месяцев назад

Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.

@Riggsnic_co 6 месяцев назад

We experienced the peak of our era, and now it is gone. Recession is tanking everything including 401K. My retirement equities portfolio of $750K is in the reds. I keep losing because of inflation. This world will fall to the corrupt rulers in the same way that Rome did. I'm sorry if you're thinking about retiring and you're worried that your pension won't be enough to meet the rising cost of living. Horrible foreign policies everywhere, bad regulatory policy, bad fiscal policy, and bad energy policy.

@martingiavarini 6 месяцев назад

For retirees and those close to retirement, I believe it's particularly challenging. All those years of labor only to lose it all to a problem you weren't responsible for, my regrets to everyone retiring during this time.

@bob.weaver72 6 месяцев назад

I'm very worried about the future and where we're all heading, especially in terms of money and how to get by. I'm considering making my first investment in the stock market, but how can I do so given that the market has been in a mess for the majority of the year?

@TheJackCain-84 6 месяцев назад

I agree, that's the more reason I prefer my day to day invt decisions being guided by a init-coach, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using a init-coach for over 2years+ and I've netted over 2.8million.

@bob.weaver72 6 месяцев назад

I’ve been down a ton, I’m only holding on so I can recoup, I really need help, who is this investment-adviser that guides you?

@TheJackCain-84 6 месяцев назад

When ‘Carol Vivian Constable’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.

@joyizuegbulam1031 7 месяцев назад

I watch several RU-vid videos on how to trade in the stock market but haven't made any head start because they are either talking some gibberish or sharing their story of how they made it and I do not want to make mistakes by taking risks in my own hands

@Delilah-Liliana 7 месяцев назад

i'll advised to trade with the signal of an expert

@EthanMason23 7 месяцев назад

@@Delilah-Liliana I want to go into stock but i need a certified/registered professional who will guide and handle my account;;

@joyizuegbulam1031 7 месяцев назад

@@EthanMason23 What is the name of your broker and how do i connect with him or her ?

@Delilah-Liliana 7 месяцев назад

@@EthanMason23 Alice Marie Coraggio , lookup with her name online.

@joyizuegbulam1031 7 месяцев назад

@@Delilah-Liliana Wow that was easy, i found her website and left a message for her . i hope she reply me. thanks.

@Rickety3263 2 года назад

Hey, Joe! Those custom shirts are looking great!! 😉😁😁

@heyeverybody5616 2 года назад

Good information. And best of all, it’s free information!. Thanks for your videos!

@everythingtheynevertoldyou5082 2 года назад

Than you for watching and then commenting. It means a lot and there is a lot more to come…

@falaniaae1835 Год назад

Glad I stumbled to this site. You explained it where I can totally understand what you're saying. The other site I was looking at was talking all this financial jargon that was so hard to understand. Thanks for this information. Yahoo I am 61 yrs old and this is new to me. I plan to retire in 4 more years so this is good for me to consider.

@everythingtheynevertoldyou5082 Год назад

Thank you for wathcing and leaving a great comment, really appreciate it!

@jenaytucker8145 Год назад

I planned to roll my 403b into my Roth IRA to pay taxes on it at today’s tax rates because I fully expect to have higher taxes after I retire,that’s why I got the Roth. I plan to do this a little at a time starting at 59 and a half using cashed out hours from my job to pay the fees.Only once a year we can cash out hours-(exchange time off for $$) on my job.That free( $$) I have to pay taxes on, but I then put it into a CD which earns me $$ while I wait until I turn 59 and a half( some years away )to start rolling over my 403b to my Roth account. I got this advice from watching Ed Slott retirement expert and you guys are saying the same thing!👍🏽👏🏽👏🏽👏🏽🙋🏾‍♀️ great videos!

@Curbalnk 7 месяцев назад

Recently retired and unsure if my 401(k) and IRA will provide a stable future. i need an approach that will align with my risk tolerance and financial goals, i set aside $300k to achieve this. Do you suggest i get into stocks or buy a house?

@kashkat987 7 месяцев назад

Using a 401(k) or IRA is a valuable strategy for retirement planning, providing potential savings growth and tax advantages. While the stock market is promising, i'd still suggest considering financial advisory for a proper plan with your budget

@greekbarrios 7 месяцев назад

@kashcow987 No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, tho this could take till Q3 2024.

@Shultz4334 7 месяцев назад

@@greekbarrios that's a double up in two years! seeing a lot of news on the rally, investors will make tons of profit with the right picks. would you mind disclosing info of this person guiding you pleas? my problem is I do not trust my guts in today's mkt

@greekbarrios 7 месяцев назад

Can't divulge much, I have my portfolio overseen by a California-based wealth advisor ''Monica Selena Park'' she's well qualified and established. I'd suggest you research her further on the internet

@colleen.odegaard 7 месяцев назад

I appreciate this share. I set up a call with her and I am keen on getting to talk to her particularly. Lady looks really great though even with the exams and other stuff.

@artsoto5459 Год назад

Great Video! Can you talk about Employee Stock Purchase, I work for Pepsi, they are offering ESP, but don’t know much about it. Thanks

@raffly4449 2 года назад

This sounds interesting except the federal government seems to be able to change the rules any time they want…

@everythingtheynevertoldyou5082 2 года назад

Excellent Point! In the past every time they have changed the IRA rules they grandfathered everyone who had already taken advantage of the offer. Meaning, do it BEFORE they change the rules.

@onlywenilaugh6589 Год назад

Yep, at one point, they said Social Security would never be taxed. So much for that eh.

@jimgilson4978 2 года назад

Phenomenal video and insights. Just turning 59-1/2 and have had the strategy (frankly out of laziness) to max my 401k and never play with it. As a result, know very little about my options and feel I need to catchup. This conversion is intriguing. What about taking the 401k conversion a step further and converting from IRA to Roth IRA?

@everythingtheynevertoldyou5082 2 года назад

Converting both 401k and IRA assets to Roth typically makes sense in our current tax and market environment. I could easily run numbers for you and show you the net benefit.

@idreeselane9542 2 года назад

I’m planing to retire next year i brought my first vending machine an im 33 years old

@user-dj7ti7oi2x Год назад

I have two 403b from previous employers and would like to roll them over to an IRA Roth. Now, am I able to have them both into one?

@atomicbeing 2 года назад

Im 60, can I move my 401k into a Roth IRA? Or am I too old. Thanks for your help.. Also I'm retired/disabled

@amlesetberhe8152 9 месяцев назад

Hi, I have 401k from a job I had left, it’s not a lot money and I want to take it out. What is the best way I should take it out? Help

@adamhoffman7881 2 года назад

401k is unconditional surrender of your money to the IRS. I never had one.

@truthholder9263 7 месяцев назад

Sorry, All of your money is unconditionally surrendered to the Govt. They can access it if they needed it with a small flip of a switch

@user-vj1es1ce4u 6 месяцев назад

Example: I retire at 50 with a 401K. I want to take cash option for my dividends (or interest from a money market), instead of reinvesting. Would I have to convert to an IRA to do this? Is this even possible or is it considered a withdrawal and subject to penalty? Would it be taxed as income or capital gains? Thanks.

@andrewparker6213 2 года назад

NOT EVERY EMPLOYER ALLOWS YOU TO BORROW FROM YOUR 401K

@1cugine359 6 месяцев назад

Hello my question is , if my company merges with another and they offer me a buyout , what penalty am i going to pay for taking my 401k?

@youngtimer964 2 года назад

Some of these comments dash all of my hope that people have common sense - omg. Good point about looking at fees. My 2 workplace accounts have fees that are fully paid by my employers.

@spinnetti 23 дня назад

Can I do roth conversions before retirement while I'm still working?

@snowbike8032 10 месяцев назад

We have a 401K at Vanguard... do they do Roth conversions to an IRA?

@onlywenilaugh6589 Год назад

I agree with your fee statement. There is a Pew study showing you could lose thousands of dollars due to fee increases. 401k fees are normally smaller than normal IRA fees.

@eileenvandernoot3867 Год назад

I’m 80 yrs young. Should I do that?

@Jodyrides Месяц назад

I have a 401(k) …I’ve never touched it... I’m retired and I will be 73 in 2025..Does a Roth make sense for me..

@leepialong Год назад

you do pay income tax from converting IRA to Roth IRA

@X-Factor-by2kz Год назад

I'm 46. Been at my job for 16 years. I've had my 401k on and off over that time. I pretty much stopped contributing long ago. I already get enough taken out of my pay weekly, such as health insurance. I don't have much in my account, just $6700. It was worth a LOT more until the economy took a dump. But anyways I want to close the account and just take the money. I fully understand there are taxes and fees in doing so. But can you actually close out the account? I am still employed at the same job.

@junubri4368 Год назад

I want to know as well. I worked for a company for 25 years and was terminated. It’s hard as a single mother working at a supermarket my son in college I want to help him and pay my debt with that money but all I here is don’t do it you will get penalized I’m okay with that

@quynhmailam5455 2 года назад

Whoever takes out 401k 6 months ago already avoided the lost today

@thedude8976 Год назад

Yeah I took out 75% of my 401k. A yr ago for a new house (land). I'm debating on taking the rest out now that's why I'm here looking for answers. It seems foolish to leave it in looking at what I have lost in the last 12 months . Thanks cornpop. Your welcome zelenski.

@gisellethomas4579 2 года назад

How about TSP Goverment saving ? I just became 60 planning to retired at 62 .

@everythingtheynevertoldyou5082 2 года назад

Yes! At your young age you could save significant taxes. Let me know if you want me to show you how to do it.

@greatdane9806 2 года назад

Would it be wise to borrow on your 401k for investment purposes ie a house/land? Aren’t you just paying the loan back to yourself with interest? There is only a one time fee to take a loan on it. What say you? Good or bad debt?

@everythingtheynevertoldyou5082 2 года назад

I am not a fan of borrowing money to invest, rarely works and could end up costing you a lot of money.

@7clovers007 26 дней назад

Are IRS regulations Constitutional and approved by Congress?

@harryhicks404 2 года назад

My 401K was stolen already.

@tek6423 Год назад

I actually saw the suspect who robbed you. M-W-79 years old, white hair. Usually wears a tie and a mask.

@thedude8976 Год назад

@@tek6423 YUP that's the truth. Robbed in plain sight 😤

@BBYsher01 Год назад

I am no longer work at my workplace and I want to take these money out. Can you gives some steps to get the money without penality?

@hmartin751 Год назад

you can't unless your 59

@codyburgess5522 Год назад

@@hmartin751 55 if you want to retire early apparently

@icy_ey3z 7 месяцев назад

the father of my child found a new job, we are currently broke broke due to putting his two weeks in a month early (got the wrong start date). behind 2 months on rent.. we desperately need this money, but are wondering how badly we'll be screwed if we cash out? we would be losing 5k out of 15, and thats just the taxes, without the fee for early cash out... should we just bite the bullet and remain broke until the money starts flowing again and play catch up, or would you if you were desperate cash it out? we need that money badly, but dont want to hurt ourselves in the long run.

@icy_ey3z 7 месяцев назад

im desperately trying to find the best answer

@truthholder9263 7 месяцев назад

If you have been a good tenant, explain it to the landlord with some documentation. Landlords don't want to lose tenants @@icy_ey3z

@christopherbennett6481 2 года назад

when ur money comes out of ur 401k, ur money is taxed at the current rate. i don't think u skirt the withdraw tax.

@GuyandLori 5 месяцев назад

I watch this video periodically leading up to my target retirement date in late 2026. Great information!

@sjlouvieify 2 года назад

My wife recently quit her job (9 months ago) . She has a 401k (still) at her former employer. If she cashes out(401k), will it still be subject to the 10% penalty? She's 50. I understand there will have to be a tax strategy/plan. As I commented on another of your videos, I understand that as am I, I'm just talking to a random guy on RU-vid. Thanks in advance.

@truckerstruckingwithtrucks522 2 года назад

That wouldn't make sense to take her money only less than 10 years away from being able to take it out without penalty.

@sjlouvieify 2 года назад

@@truckerstruckingwithtrucks522 I understand that thought process, I'm just trying to understand all the rules and options. Thanks for replying!

@everythingtheynevertoldyou5082 2 года назад

Don’t cash out! Transfer it to an IRA. Then decide if converting to a Roth makes sense.

@sjlouvieify 2 года назад

@@everythingtheynevertoldyou5082 Thank you. My position is a little different. Although my position is a little different, I understand that approach. Thanks again for the tip.

@josebach9377 2 года назад

I’m 60 retiring soon and I’d like to pay off my mortgage from my 457. Granted 40% tax to pay if everything is withdrawn how should I do it with least amount of taxes to pay. Also I’d like to pay it off in 2 years. Thanks so much

@bobthomas4651 2 года назад

Jose find a copy and ask them about a NUA it decreases ur 401k taxes if u with drawl ur money. Seriously look into it . I retired @60 paid off my home and still have lots of money.

@kimblackbird8718 2 года назад

If you move to a retirement friendly state- would your 401k be taxed?

@julioocampo4000 2 года назад

Not by the State only federal Government. I am NYr who moved to FL. When I start drawing I will only pay federal income tax

@SCSC-qz7rr 2 года назад

ROTH: but it is my understanding that if you roll over your 401k to an IRA at retirement, you have to wait 5 years before you can start taking money out. Can you explain?

@earlmorton6265 2 года назад

You will have to start tapping it at age 70.

@everythingtheynevertoldyou5082 2 года назад

After 59.5 the 5 year rule really doesn’t apply. And that is only subject to the earnings.

@briangrant9026 2 года назад

@@earlmorton6265 No, the law is 72 now.

@SCSC-qz7rr 2 года назад

I would like to take my money out of my 401k when I retire at 66 and a half, to put it as a down payment on a house so I can pay it off as soon as possible. Obviously I would not be working at that time (would be retired) so how would this affect my taxes if I move to a no income tax state?

@TheReggiegirl 2 года назад

What if you get fired from a job like amazon can they send you the full amount of the money from the 401k or they tax the 401k?

@everythingtheynevertoldyou5082 2 года назад

You would want to do a Rollover of the 401k to your IRA then you can convert to a Roth.

@TheReggiegirl 2 года назад

@@everythingtheynevertoldyou5082 I don’t have a ira my job sends out the money from the 401k

@danielgriffin8132 2 года назад

China needs your money 💰

@miguelguillengonzalez9803 7 месяцев назад

Can you run the numbers for me please

@wren6763 2 года назад

If one’s income is more than $187k, he/she is not qualified to put money into a Roth IRA account. Is this correct?

@davidstudebaker7397 Год назад

I thought I had a 401k, but it seems to have disappeared 🤣

@thedude8976 Год назад

Yeah same here some joekster sent it to Ukraine without my permission. Bastard. FJB

@Amarilys06 Год назад

Thank Joe for that

@buckeye200175 2 года назад

Must stay in the Roth five years to become tax free withdrawals

@everythingtheynevertoldyou5082 2 года назад

On earnings, yes.

@loriwhinery3210 2 года назад

But you still have to pay taxes on the money you withdraw.

@everythingtheynevertoldyou5082 2 года назад

Not if you do a direct transfer to an IRA.

@teams3345 2 года назад

Don’t forget about the IRS Rule of 55 for those that want to retire 55 or older.

@markme4 7 месяцев назад

My 401k provider is advising me to roll over into one of their mutual funds, any thoughts would be appreciated

@davekolp4552 3 дня назад

My 401k grew more than when Trump was in office! This last 2 years.

@Doc1855 2 года назад

If you take money out of your retirement, you have to pay 40% in taxes

@mikefox1711 Год назад

20%

@Doc1855 Год назад

@@mikefox1711 Here in WA they took 40% out in taxes when I became disabled. It took SSI 3 years to start paying, so by the time it finally kicked in I had exhausted my savings and my state retirement.

@hmartin751 Год назад

it's 30percent

@john1999 2 года назад

I’m going to be 64 soon..seems like it’s too late to benefit from a Roth at this point

@everythingtheynevertoldyou5082 2 года назад

No, you are still in the sweet spot. Not too late!!

@truthholder9263 7 месяцев назад

I,m trying to figure out what you mean by the 'sweet spot' @@everythingtheynevertoldyou5082

@Jodyrides 25 дней назад

You didn’t teach me anything new

@twilliamsusmc 2 года назад

Take it out and lose 50%. That’s how it works

@mhaas281 Год назад

30%

@thedude8976 Год назад

Better than losing it all BTW 30%

@BurdenofTheMighty 2 года назад

I’m leaving it in. Economy always bounces back. Long as we have nukes anyway

@youngtimer964 2 года назад

He’s not saying to move it out of the market.

@chairmankaga2821 2 года назад

SCAMMER!!!!

@everythingtheynevertoldyou5082 2 года назад

I am sorry you think so, you can check me out on internet. I have been practicing for over 23 years as an advisor. Thank you for watching.

@kevinha8112 2 года назад

Not sure why you think he is a scammer. Very good information. He is stating nothing but facts. If you want to see a scammer, go watch those people trying to convince you to buy life insurance as a tax free investment.

@thanthien9716 2 года назад

You may not work right now or do not have any in you 401k retirement account so you don't understand of what he is saying in the video. Anything's he said in this video exactly the same with my 401k adviser from work said. Please don't say this to anyone when you don't understand the lesson.

@Rickety3263 2 года назад

Not a scammer. I personally know this man and his family.

@thedude8976 Год назад

@@kevinha8112 I agree 👍