May 27, 2019
In episode 159 of Financially Simple, Justin looks at several ways to withdraw money from your retirement funds before you’re 59.5 years old.
If you’re needing to dip into your retirement funds before your actual retirement, or even before the 59.5 years old limit, you can incur a 10% penalty on the amount you withdraw. But, there are ways to get around paying that 10%. Justin goes over 10 ways that you can get the money you need from your retirement accounts without paying penalties.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
01:07 - How Do I Take Income From My Retirement Accounts if I retire Before Age 59.5 Without Paying The 10% Penalty?
04:06 - The 59.5 Rule
04:48 - IRA Withdrawal for Medical Expenses
06:31 - IRA Withdrawal to Pay for Health Insurance
07:50 - IRA Withdrawal for a 1st Time Home Purchase
08:35 - If You Are Disabled
09:06 - The 72 T Calculation
10:58 - Leave The Money in The 401K
11:38 - 401K Loan
12:32 - An Inherited IRA
13:27 - ROTH IRAs
15:58 - Wrap Up
Financially Simple podcasts are recorded on:
Samsung notebook: https://amzn.to/2EvYu3P
Yeti Blue Microphone: https://amzn.to/2VB6V7x
The Financially Simple podcast provides information, guidance, and support to Small Businesses in the United States. Host Justin Goodbread is a serial entrepreneur, CFP (Certified Financial Planner), CEPA (Certified Exit Planning Advisor), CVGA (Certified Value Growth Advisor), Investopedia Top 100 advisor, and business strategist with over 20 years of experience. Justin owns Heritage Investors LLC, a registered investment adviser with the State of Tennessee. Heritage Investors only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. This material is for general information only and is not intended to provide specific advice or recommendations for individuals. To determine what is appropriate for you, please consult a qualified professional.