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Financially Simple Bizcast

The Financially Simple podcast is your one-stop resource for small business owners. Gain unique insights into growing, refining, and selling businesses. You will hear ways business owners have reduced their tax liabilities, increased their income, improved office morale, saved for the retirement of their dreams, and more.
Host Justin Goodbread is a serial entrepreneur, award-winning CFP® (Certified Financial Planning professional), CEPA® (Certified Exit Planning Advisor), and CVGA® (Certified Value Growth Advisor) with years of experience guiding business owners from start to exit in their business.

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.

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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



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When You Shouldn’t Roll Your 401K into an IRA

How to Manage an Inherited IRA


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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.