I don’t believe that 401ks or IRA are great retirement plans. And you might want to switch your money into another investment but you don’t want to pay a fee. I’ll show you how to switch to a better option so you can live a better life.
🤝 Want to learn about Franchises?
Watch and Enjoy!
Kris Krohn
PS: Save Kris’ phone and text him anytime you have questions: +1 (385) 217-3477
✅ SUBSCRIBE SUBSCRIBE SUBSCRIBE ✅
🔥TAKE THE NEXT STEP WITH KRIS’ AND HIS TEAM 🔥
=====================
Free Health Plan with Kris
🤝 Want to learn about Franchises?
10x Your Business | Business Consultation from Kris
Get Kris’ NEW BOOK “HAVE IT ALL”
💰 Get Kris’ FREE REAL ESTATE BOOK on Back-Yard Investing 💰
🤝 Got Money or Retirement Savings? Partner with Kris on Deals:
Get Kris’ New Book: Kris Consortium – How to Earn 25% ROI on Every Deal
If you can make it in sales, the funds can be used in unexpected ways. Come join my Six Figure Team –
🎤 Attend one of Kris’ life-changing events
Get Access to a Super Simple Side Hustle:
Partner on No-Money Deals as one of Kris’ Mavericks
🤝Get a FREE custom Real Estate Game Plan from Kris’ Team
PropStream Software Free Trial:
Access Kris’ Real Estate Hotline to get hands-on live coaching
Learn Kris’ Lease Option System–FREE Game Plan Consultation
Reach Every Goal–Get Kris’ FREE Limitless Book
Want to know how Kris’ Finds his Top Deals?
Best Way to Save Protect Your Money for More Real Estate Deals
Get Our FREE FINANCIAL CALCULATOR to find out When You’ll Retire
Secure $50K – $250K in business credit for your next deal!
See Everything Kris is up to:
📹 BE ON A KRIS KROHN YOUTUBE EPISODE
================
Record your questions on video, and join me in a future episode:
📞 QUESTIONS ABOUT PRODUCTS, CONTACT SUPPORT
support@limitlessmentor.com
📲 CONNECT WITH KRIS:
=================
Podcast
Instagram
Facebook
Twitter
LinkedIn
Youtube Channel
TikTok
Blog
Audible
Kris Krohn is not in the business of providing personal, financial or investment advice and specifically disclaims any liability, loss or risk, which is incurred as a consequence, either directly or indirectly, by the use of any of the information contained in this document. Also, Kris Krohn, this document, and any online tools, if any, do NOT provide ANY legal, accounting, securities, investment, tax or other professional services advice and are not intended to be a substitute for meeting with professional advisors. If legal advice or other expert assistance is required, the services of competent, licensed and certified professionals should be sought. In addition, Kris Krohn does not endorse ANY specific investments, investment strategies, advisors, or financial service firms.
The above summary disclosure is provided as an overview, and is not intended to be comprehensive. Additional details are reflected below. See full disclosures here:
NO INVESTMENT, FINANCIAL, LEGAL OR TAX ADVICE
The contents of this video are for informational and educational purposes only. They should not be considered investment, financial, legal or tax advice. Kris Krohn is not licensed in the insurance or securities industries and is not in the business of selling, soliciting or negotiating the sale of any insurance contract, security or other investment vehicle.
DISCLOSURE OF FINANCIAL RELATIONSHIP
Mr. Krohn has a financial interest in EPIC Insurance Services, LLC (EPIC), a licensed insurance brokerage agency incorporated in New Jersey, and is compensated by EPIC. See full disclosures here:
#KrisKrohn
#RealEstateInvesting
#MoneyMindset…(read more)
LEARN MORE ABOUT: 401k Plans
REVEALED: Best Investment During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
HOW TO INVEST IN SILVER: Silver IRA Investing
3 Secret Ways To Pull Money Out Of Your 401K Penalty Free
Your 401K is an important retirement savings account that you’ve been diligently contributing to throughout your career. But what if you find yourself in a financial emergency and need access to those funds before retirement age? Most people are aware that withdrawing money from your 401K before the age of 59 ½ incurs a hefty penalty of 10%. However, there are a few secret ways to pull money out of your 401K penalty-free. Let’s explore these lesser-known options.
1. The Rule of 55:
If you leave your job in the calendar year you turn 55 or older, you may withdraw funds from your 401K without incurring any penalties. This special provision is called the “Rule of 55”. However, this applies only to the funds in your current employer’s 401K plan and not to any previous accounts. The funds will still be subject to income tax, but you’ll avoid the 10% early withdrawal penalty.
For example, if you’re 57 and change employers, you can access the money in your previous employer’s 401k account without facing any penalties. Remember, this rule only applies if you leave your job in the year you turn 55 or later. If you access these funds before turning 59 ½, it’s best to have a well-thought-out plan to avoid depleting your retirement savings.
2. The Substantially Equal Periodic Payments (SEPP) Plan:
The Substantially Equal Periodic Payments (SEPP) plan allows you to take funds out of your 401k account penalty-free. Under this provision, you can set up regular withdrawals based on an approved calculation method. The most common method is the Required Minimum Distribution (RMD) method, which calculates withdrawals based on your life expectancy.
To set up the SEPP plan, you must commit to taking withdrawals for a minimum of five years or until you reach the age of 59 ½, whichever is later. Breaking this commitment will result in penalties for all withdrawals already made, plus you’ll owe the 10% penalty on any future withdrawals. It’s essential to consult a financial advisor to determine if this option is suitable for your financial situation.
3. The 401K loan option:
Many people are not aware that they can borrow money from their 401k account without penalties, using the loan option. This allows you to borrow up to 50% of your vested account balance or a maximum of $50,000, whichever is less. The loan must be repaid within five years, although longer repayment terms may be permitted for home purchases.
One significant advantage of a 401K loan is that the interest you pay goes back into your account, which can boost your retirement savings. However, it’s important to note that if you leave your job or are terminated, the loan must be repaid within the specified period, usually 60 days. Any outstanding balance will be considered a withdrawal and will be subject to income tax and the 10% early withdrawal penalty.
In conclusion, while it’s generally best to leave your retirement savings untouched until after retirement, there may be instances when accessing your 401K early becomes necessary. The three secret ways outlined above – the Rule of 55, the SEPP plan, and the 401K loan option – provide you with penalty-free access to your funds in specific circumstances. Remember to carefully consider the long-term implications before tapping into these funds, as they are crucial to securing a comfortable retirement. Always consult a financial advisor to assess the best approach for your individual situation.
Isn't buying an Airbnb owning a business??
Think you forgot one medical expense hospital bill
Why isn't there an option to roll 401K into precious metal assets?
But the franchise is like a business and if it fails there goes your life savings. How do you even go into that?
I am too risk adverse lol.
can we take out from old employers 401k to buy a car
Are their 401k plans where you're simply not allowed to remove ANY of it? I called the people and they told me I couldn't touch it until I die, quit, or retire.
Great videos!!
If we are contributing to a company 401k that has a 75% employer match up to a certain percentage as an example, wouldn't it be advantageous to at least get that (since its technically a 75% ROI plus or minus the market growth of course). Then as wage and opportunity grows move what's beyond that match limit towards other investments such as Real estate? I definitely agree that 401(k)s shouldn't be the sole investment tool. Just curious if it's appropriate/ worth to maybe start out with a 401(k) to get that match to maximize ROI when you're just starting out in your career when other investments wouldn't get you a better return (since you're dealing with a smaller amount of dollars) until the income you're receiving leaves enough leftover to move from a 401(k) into other things like real estate? Or would it be wise to still at least get the employer match even when moving into real estate, etc? Then that way you're diversifying/ building a 401(k) as yet another income stream down the road?
Just putting my thoughts out there to see what others think.
First