DecaMillionaire Decoded How to Retire Before Age 59.5 and Not Pay The 10% Penalty
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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TRANSCRIPTION:
BLOG: Can You Avoid the 10% Early Retirement Penalty? 10 Possible Ways
TIME INDEX:
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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BIO:
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.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
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