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
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I had my ⬆️⬆️⬆️doubts proven wrong by these guys , kudos to them …they are gurus in withdrawal and recovery
Hello
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.
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.
What's the difference in 401k and 401CU, is cu bad?
Wrong, you can start collecting in the year you turn 55.
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.
Waste of time, all talk and said nothing constructive in 20 minutes.
Y'all just take to long to answer a question.
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?
CAN YOU TALK ABOUT RETIREMENT PLANNING ?
My question is, can I transfer some of my IRA into my 401k so I have more funds available to remove when turning 55.
I am 58 year old , now l have $25,000. I need $10’ to put down in a car next year you think it is a goo jdea
48 minutes to say some shit they could've said in 48 seconds
Hmm I have 70K in my 401K. I'm 30K in debt and I'm drowning, AND am tired of paying huge rent increases and instead would like to buy a house. I turn 55 in 3 months. Do I declare bankruptcy and never buy a house or retire at 55, or quit my job, pull out my 401K money, get debt free and put a down payment on a house. I think I'll take the money! I can always return to my old job. Agree?
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.
How do I roll over my 41k money the company I already left besides I don't have any information thanks
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
"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?
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.
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… ??
One reason to take leave rather (especially terminal) than cash it out is that allowances are paid while on leave.
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