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 could 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
Justin A. Goodbread, CFP®, CEPA,
CVGA, is a nationally recognized financial planner, business
educator, wealth manager, author, speaker, and entrepreneur. He has
20+ years of experience teaching small business owners how to
start, buy, grow, and sell businesses. He is a multi-year recipient
of the Investopedia Top 100 Advisor and 2018 Exit Planning
Institute’s Exit Planner Leader of the Year.
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