Your 401k - How do you use it? What are the 401k withdrawal rules? 

The 401k is good, because retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k. My mom retired with about 4.2 million, but my dad retired with roughly 1.8 million. So it really does.

While your 401(k) account will likely continue to grow after you stop contributing to it, that growth will be limited by the market, your plan’s balance and other factors, so i can perceive the preference for IRA, I still want to know how best to compound at least $2m in retirement savings.

I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement. I'm seeking to invest $200K across markets but don't know where to start.

Investing in Roth IRA can be a good choice since they are funded with after tax dollars, your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money. Compounding is the process of earning interest on your initial investment, as well as on the interest that investment earns. This means that over time, your investment can grow exponentially. So the earlier you start investing, the more time your investment has to grow through compounding

Here is the bottom line: 401k is your money you have put away , the little crumbs that the company contributed, plus return on investments if you’re lucky. Take the darn money out anytime you need it. Use it for anything you want, use it for lap dances at strip clubs. Why not, it’s your money. Pay the 20% federal tax, the 10% early withdrawal if it applies to you. Then enjoy your money, at any age, anytime. One thing for sure, the 10% early withdrawal penalty should be illegal. Some people act like it’s the end of the word if you tell them you pull money out of your 401k. It’s like if you tell them, ‘my wife and kids died in a car accident’ the would reply ‘At least you don’t withdraw money form your 401k’.

Good job. We want more this. Thanks

neat upload Retirement 360 Blueprint - Sierens Financial Group. I broke that thumbs up on your video. Continue to keep up the exceptional work.

Excellent- everything I wanted to know, BUT wasn’t told by my 401(k) servicer!

Excellent explanation. Thank you very much.

Thanks so much for your information.

Thank you great vídeo. Can you please go into how much a person should take out a year to keep them from paying a lot of taxes.

Great video. Thank you!!

Thank you for the info

Also, if you turn 72 before July, you must take the minimum required withdrawal by April 15 of that year. If your birthday is after July, you can take in in the following year.

IRS Rule of 55 worked great for me with no penalty.

with alot of us getting hit with financial problems , waiting for 55 or even 59 is sometimes very hard. its crazy right now for some of us.! this cov 19 is a financial disaster designed by the market.

If any PPT is getting 55 this year on 11/22/2022 as DOB of PPT is 11/22/1967 however terminated or retired on 02/10/2022 (this year) and wants to take distribution before November 2022 then what code will be applicable for distribution??

One more reason to roll over from a 401(k) to an IRA: Roth 401(k)s are subject to RMD’s while Roth IRA’s are not

Thanks!!

Thanks!

Can you make a clip like this regarding 457 account ? Thanks .

Thank you for the information. Can you please talk about how children inherit deceased parents 401k and bank account cash? Do children file 8606 to take out all money from deceased parents? Is there any way to roll it over to their own account? TIA!

Very informative. Thank you for sharing.

401k vs IRA = "employer affilited" in addition to making contributions?

How do you think about personal spending? Being 70 and having lived through mowing grass, painting houses, pumping gas, paying for college, 4 kids, a divorce, layoffs, downsized, Obamacare

Is there a penalty if you're disabled to work if you draw your money out

So I'm 59 and a half just barely, but lawyer friend said I need to wait another month for some reason. Please let me know if this is true.

I’m still working what is the con or pro to take some cash out besides of course the fund gets laser

So how much will they deduct from your 401 at the age of 59.5 is it 20% ? When I called they told me I would pay 20% up front as tax with out penalty and my tax bracket or income bracket of course will go higher so I will get taxed again. Whew !

Can we with draw money from 401k for Education as hardship. If yes, will i get penalty or taxes

I am trying to do an investment property. I want to use my 401k. What is the way to use it

Through proper financial planning, there are more people achieving financial freedom faster today than ever before and the stock market is the best place.

Will there be penalties for rollover 401 to IRA? If so, what’s ballpark percentage government will tackle on the amount you transfer over?

How is the rule of 55 plan specific? Incorrect.

I got 2 loans on my 401k. Can you change it to a hardship and take a penalty on it?

The 55 years of age IRS exception is a huge one and has been kept fairly hidden. You can leave your current employer and start withdrawing from your 401K without the Early Withdrawal Penalty if you are 55 years of age.

I took money out of mine to pay bills ! I payed taxes! Will I also have to pay Ohio State Taxes? I had her take some anyways just incase! I am 64 ! Any help please ? Ty for the video !

What about withdrawing from your 401k in order to control your own investing opportunities. Isn't there a way to file through court for this?

Question on RMD? Let say this year 2024, John Doe has an IRA Acct. of $100k @ age 72 not working. Source of Income from SSA with NO tax liability. Based on the RMD table period is 25.6 = $3,906.25 are taxable? then what happen, if he did not withdraw this year and wait for next year?

I haven't paid into my 401k since covid ..2021.. I'm still employed. Didnt pay into it during 2020-2022..I did receive unemployment for a full year 2020-2021, but didn't invest in 401k. Where do b I go from here??

Judging from the title of this clip I had hoped of gleaming some information I wanted answers to. Did I miss something, I'm not catching the part about the process of removing money from your 401k for use. What taxes to expect, are taxes withheld and what is the process? Thanks, I guess.

I didn't hear anything about whether you should wait till after retirement to start withdrawls from the 401K since your gross earned income bracket will be much less if you wait till retirement to take withdrawls.

I withdrawal 2500 for medical bills.I used 1800 for medical bills.I thought that I would need more will I get in trouble for miscalculating the amount needed?

Thanks

How many times can you withdrawal from youre 401k facing a lot of medical problems 😢

What if you transfer one 401k to another 401k at your new employer, can you then use the 55 rule?

Does it matter if it’s a closed 401k account?

I have a 457 that just placed in a fix account making 3.5 percent interest but I’m 58 year old retired. I make 45 thousand a year from my pension. Should I, when turn 591/2 put them in a IRA.?

Hello, question..... When one reaches retirement age and starts to withdraw from 401K, does the financial company take out the tax or do you simply report what you withdraw on your yearly tax return? thank you

Rolling over a 401(k) into an IRA forfeits the Rule of 55 exception, correct?

my Girlfriend took out money out of her 401k 3x is that bad? because she wanted to use it for vacation

What is roth 401k?

My dad left my mom shortly after turning 59 already had number 2 waiting apparently.. and bought a new home all in the same year and now I know why damnnn

What if you have Roth 401

What do you know about 403b?

Can i avoid to pay the IRS for a withdrawal on a TSP? I had to withdraw some funds from my TSP during COVID 19.

I'm having a hell of a time finding out how much I can take out of my retirement fund without effecting my SSI. Totally confusing. I'm currently 61 years old.

I wish you would go right to what 90%* of withdrawers need to know. What is my minimum amount and I never heard this.

One thing never mentioned in regards to 401k to IRA rollover is that 401k may be protected against creditors and IRA may be fair game in a lawsuit. Also, 401k may have lower fees than a managed account.

Please comment on self-directed IRAs.

How does one obtain quality, affordable health insurance when you're not old enough to sign on for Medicare?

How much you have to withdraw from 491K at 72.

Who can I talk to about this subject in person?

your very knowledgeable i wish you can do mine for me lmao i just need money and have no clue if i can make myself go indebt.

What about to withdraw all of it while I am working in the company?

Can you save 401k having SSS incime

I'm 57 and wore out from working at Costco. I've got over 1 million in stock. Should I quit my job, pay off my home and live cheap till 62? I've got no debt other than 70k in mortgage. And have the VA for medical. Smart guys please help w advice.

Can i get my money back if i quit?

Maybe someone can help. My fiance is currently struggling with health and she is in n out of work so money income is inconsistent. She has a current car loan that she has been trying to get out of but shes way upside down on the loan. My last resort was to withdraw some money from my 401 and help pay the difference to get rid of her 500$ monthly payments. We are in our early 30’s. Any thoughts on how that would work?

Only mistake you made is when you were talking about rule of 55. That is not an employer rule. It is an IRS rule I know this because I took advantage of this and did this and when I told my employer that I was going to do this and take advantage this rule they said I’m sorry you can’t do it we don’t participate in it. I had to inform them that this is an IRS rule not their rule, and so I retired early I did not do it at 55. I did it at 56. But nonetheless, this is an IRS rule so anybody who’s got a 401(k) can take advantage of rule of 55 retire from the company make withdrawals from your 401(k) and not have to pay the 10% penalty. Starting at age 55.

Hey, I got a 1k withdraw about 3 months ago. My truck broke down now I need another withdraw can I still get it? Is there a limit? I'm still work and I'm 30

Got a 401k and a 457... Using my 457 for home purchase no penalty paying myself back with 4%interest

Great stuff. I watch several youtube videos on how to trade in the stock market but haven't made any headstart 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.

I'm 59 1/2. Retired. I have an old 401K from a previous employer. I talked with someone at the 401K company and she told me that I cannot get monthly payments until I am at least 60 without a penalty. She said that I could only make a withdrawal without penalty, but not receive a regular monthly check.

Can I withdraw from my 401k for down payment for a house?

Why take my 401K (no charge or fees) and roll it over into a IRA where brokers charge ($2300 a year) or more to manage. Wouldn’t I be money ahead by managing my 401K properly.

Como yo puedo saber si tengo 401K y como hago para averiguarlo

Thankypu

Hi sir according to my husband he got his 401k before when he is 53. And after a year he lost his job and until now he is 58 living here in the Philippines with me.i am worried of his health and im the one working or making money.Doe he still able to get his retirement at the age of 62?.its helps if he have for his medication.thank u

If you have a $500,000 401K, on retirement can you roll that into several IRA's from different banks? I read that it might be a taxable event if you roll it into more than one. Am thinking I don't want too many eggs in one basket so to spread out FDIC protection. Thanks

I’m 25 and been denied my 401k. I wrote a letter asking for withdrawal since I been let go but got denied. I am currently writing a letter of apeal but how is it legal for someone to tell people they can’t withdrawal there money in a time of need. Looking for some insight

My plan is to take a lump sum and close out my 401k one year before I retire, pay the taxes on it and stash it away then draw my social security. Does this sound like a good plan?

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...

What is the best approach to protect a work 401k for the coming recession? This will be the biggest one ever, I dont think I have enough time to wait it out, and rebound.

Dang I'm Way behind, I'm 38 with zero credit and never had a credit card.I'd say I have a fresh start 👀, Others say I'm ?

I am 60 years old, my wife became disabled and is in a hospital in Brazil, i need to withdraw my savings of my 401k at Fidelity, but i need the wife signature, she is not able to do it, i need help , asap! Please!!

Beware, regarding the rule of 55. Rolling your 401k over to an IRA after leaving your company will cause you to lose the benefit of withdrawing your funds under the rule of 55 since this only applies to a 401k and not an IRA.

A 30k & 6k car loan with 100k in savings certainly isn't debt by any standards! They're factually in great shape compared to tens of millions! Probably paying $400 hundred and $120 per month per vehicle.

You didn't mention anything about federal taxes

If I’m self-employed can I get 401(k) for myself

What is the maximum amount of money I can contribute to my 401k every year ?

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how about 457 b

What is the number I can call to get some money out of my Oregon safe account

I am 74 yrs old, I want to withdraw all of my 401k and purchase a tiny house. Do I still have to pay 25 percent in taxes?

0:55 - well, for the record, there are _Roth_ 401Ks too, but…

I am retired I left at 59 I make 60,000 gross now not working I think I am allowed to make 80,000 a year am, I correct ?I am 63 now

Who's money are we discussing here???? Oh that's right our money Government to much control already...

Just to clarify, If I roll over my 401K into a Roth IRA, will I get penalized?

they take it out of your check