The Infinite Wealth Podcast Why & How to Strategically Free YOUR Money from Your IRA & 401k to Create True Financial Freedom
In this episode of Infinite Wealth, we delve into the fascinating topic of Qualified Plans. Join us as we explore the ins and outs of 401K plans, IRAs, and the tax implications associated with them. Discover the benefits of rolling over your 401K to an IRA and why it might be a better option than transferring it to another job. We also discuss the potential consequences of early distributions from a Roth IRA and offer tips on avoiding penalties. Tune in to learn about the myths and realities surrounding government-created plans and gain valuable insights on generating passive income and making informed investment decisions. Don't miss this episode if you're looking to expand your knowledge on qualified plans and wealth-building strategies!
Overview- 0:00 Introduction 1:57 How to get money from qualified plans 4:56 Tax considerations and lack of knowledge drive investment decisions. 10:23 Government created plans have limitations and drawbacks. 14:47 Taxes on IRA and investments explained briefly. 20:09 A trillion is a lot of money. 22:48 Plan for lower income in retirement, tax bracket. 25:27 401k Early distribution options 29:52 Exceptions to IRS penalty for early withdrawal. 37:21 Good examples and opportunities mentioned.
Resources:
Schedule your 15-minute call with Anthony or Cameron here:
Check our online course at www.InfiniteWealthCourse.com
Buy Becoming Your Own Banker by R. Nelson Nash http://bit.ly/BYOBbookIWC