Your 401k - How do you use it? What are the 401k withdrawal rules?

[@kaylawood9053]

The 401k is good, because retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k. My mom retired with about 4.2 million, but my dad retired with roughly 1.8 million. So it really does.

[@JakeWolven]

Do your parents want to buy some art? 😅

[@davemccullough2256]

Kinda sounds like you have an idea. I'm still working at 47 but hurting right now. I want

[@lesjean8530]

Here is the bottom line: 401k is your money you have put away , the little crumbs that the company contributed, plus return on investments if you’re lucky. Take the darn money out anytime you need it. Use it for anything you want, use it for lap dances at strip clubs. Why not, it’s your money. Pay the 20% federal tax, the 10% early withdrawal if it applies to you. Then enjoy your money, at any age, anytime. One thing for sure, the 10% early withdrawal penalty should be illegal. Some people act like it’s the end of the word if you tell them you pull money out of your 401k. It’s like if you tell them, ‘my wife and kids died in a car accident’ the would reply ‘At least you don’t withdraw money form your 401k’.

[@magsrl4579]

totally agree. When you are young you don't think that when you do retire, many times you won't be able to enjoy even taking a walk somewhere without having to look for a bathroom, that is the truth. Can't eat the food you want b/c won't agree with your stomach, etc, etc. We took out 3K back in 2002 to buy a 60" tv when they were like $10k, I don't regret it, we totally enjoyed it.

[@tee9115]

🤣🤣🤣 its your money use as you need i got a a silent response

[@lesjean8530]

@@tee9115 I’m using mine to eat steak at Ruth Chris. Please do the same!

[@abel1955]

That penalty is to scare you from taking it out because they are running out of money, millennials money went to the elderly back when the system was placed. The millennials are going to get screwed because the new generation isn’t doing the 401k and when we get to the retirement age we either will get a % of it or die before we even get 100% of what we put in it.

[@lesjean8530]

@@abel1955 No man, you’re probably thinking about social security. 401k is money you save voluntarily from your paychecks before taxes. You can take your money and do whatever you want with it. You just have to pay the taxes and maybe a 10% penalty. I have just a little over 1 million in my 401k, the minute I turn 55, I’m quitting my job, take it all out, pay the 200k federal tax and put my 800k in my pocket.

[@Countstep0099]

Investing in Roth IRA can be a good choice since they are funded with after tax dollars, your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money. Compounding is the process of earning interest on your initial investment, as well as on the interest that investment earns. This means that over time, your investment can grow exponentially. So the earlier you start investing, the more time your investment has to grow through compounding

[@carolynrose1816]

Nobody knows anything you need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving

[@velayuthman]

While your 401(k) account will likely continue to grow after you stop contributing to it, that growth will be limited by the market, your plan’s balance and other factors, so i can perceive the preference for IRA, I still want to know how best to compound at least $2m in retirement savings.

[@Curbalnk]

A solid strategy can be a key component of an investor’s retirement portfolio. That way your investment is balanced and you don’t get to make so much losses.

[@RickWatson-xu6gw]

I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement. I'm seeking to invest $200K across markets but don't know where to start.

[@cato451]

One more reason to roll over from a 401(k) to an IRA: Roth 401(k)s are subject to RMD’s while Roth IRA’s are not

[@ctsfiddler]

Also, if you turn 72 before July, you must take the minimum required withdrawal by April 15 of that year. If your birthday is after July, you can take in in the following year.

[@drah9955]

Apr 1 not 15 …

[@ctsfiddler]

@@drah9955 correct April 1

[@drah9955]

The way it was explained to me … You turn 72, make sure you take your taxable minimum required before the years end … If you wait to withdraw the following year, you’ll have 2 taxable distributions … One before Apr., 2nd, in Dec

[@RobertErnestLewis]

The 55 years of age IRS exception is a huge one and has been kept fairly hidden. You can leave your current employer and start withdrawing from your 401K without the Early Withdrawal Penalty if you are 55 years of age.

[@eswarjj]

If your intent is to retire, sure, this makes sense. Otherwise, you’re still looking at a rollover.

[@raymondrobinson2160]

I thought it was 59 1/2 when do that change ?

[@RobertErnestLewis]

55 if you leave your company. You can roll it over , cash it out or leave it where it is.

[@nphotodotorg2690]

This 55 years of age rule, does it only apply for the money contributed while being employed by this particular company or any other 401K accounts from the previous employers?

[@kurtkeltner9140]

Is this any 401k plan or does 401 plan holder have to allow it? Similar to the 401loan rules?

[@Droveit]

What about withdrawing from your 401k in order to control your own investing opportunities. Isn't there a way to file through court for this?

[@ddenuci]

5:58 explains how to do this

[@markswanson1564]

Excellent- everything I wanted to know, BUT wasn’t told by my 401(k) servicer!

[@proudtobe9932]

with alot of us getting hit with financial problems , waiting for 55 or even 59 is sometimes very hard. its crazy right now for some of us.! this cov 19 is a financial disaster designed by the market.

[@skatonio]

How does a market create a financial disaster?

[@Thebeekeeper568]

​@@skatoniogreed.

[@henryjones6303]

Through proper financial planning, there are more people achieving financial freedom faster today than ever before and the stock market is the best place.

[@DavidMiller-du9dy]

I’m currently looking out for stocks with solid growth prospects.

[@amberhills5296]

I’ve bought lots of stocks that seems like there’re gonna generate good profits but they always end up performing poorly.

[@geraldbenzinger9703]

Many of the best stocks to buy for the rest of this year remain heavily tied to economic recovery prospects.

[@derrickadams8416]

@Paul Nolan I’m aware of Frost Hilda, how consistently are the profits and how long has it been?

[@jackholley4286]

That’s a good thing you’ve got going on Paul , Some stocks are in the right time to deliver impressive growth.

[@JB_Cinema]

Can I withdraw from my 401k for down payment for a house?

[@Chris66144]

That's what my brother wants to do,he doesn't have much but he wants to take it out and put it towards a new home. I honestly would like to know about this aswell.

[@jawjaboii3574]

Following.

[@LouiseERne98]

Yes,

[@BUDWEIZER777]

@@Chris66144yes

[@Scroticus_Maximus]

Judging from the title of this clip I had hoped of gleaming some information I wanted answers to. Did I miss something, I'm not catching the part about the process of removing money from your 401k for use. What taxes to expect, are taxes withheld and what is the process? Thanks, I guess.

[@chelsywebb6989]

Contact whoever the 401k is through. They can tell you everything you need to know. You can make partial or full cash outs etc.

[@teams3345]

IRS Rule of 55 worked great for me with no penalty.

[@deangiusti1884]

I didn't hear anything about whether you should wait till after retirement to start withdrawls from the 401K since your gross earned income bracket will be much less if you wait till retirement to take withdrawls.

[@Boobtube.]

sure, your income might be less after retirement, BUT the tax on the money is going to increase, (the Govt. needs more and more of YOUR $$)in effect making it seem like you are in a higher tax bracket, even though retired.

[@OscarsMama]

I'm having a hell of a time finding out how much I can take out of my retirement fund without effecting my SSI. Totally confusing. I'm currently 61 years old.

[@patches1483]

Your SS is not affected by a Roth or 401k. You can take whatever amount out you want but you will owe taxes on the 401k withdrawals.

[@OscarsMama]

@@patches1483 ty. Fidelity is taking the taxes out for me as I make the withdrawals. I'm just wondering if my SSI will be taxed if I go over a certain amount of withdraws on my retirement

[@drah9955]

@@carroldelgado7368 … From what I understand, a pension affects your SS … A 401 has zero affect … Look it up

[@dins5066]

​@drah9955 only certain state's

[@jamesenloe277]

Take it all out and buy silver and gold

[@bobby350z]

I wish you also talked about what sort of taxes one would pay on contributions vs earnings. Do both get treated the same as ordinary income?

[@notnelc8quil863]

So how much will they deduct from your 401 at the age of 59.5 is it 20% ? When I called they told me I would pay 20% up front as tax with out penalty and my tax bracket or income bracket of course will go higher so I will get taxed again. Whew !

[@sixty9harleyPittsburghPAP]

How do you think about personal spending? Being 70 and having lived through mowing grass, painting houses, pumping gas, paying for college, 4 kids, a divorce, layoffs, downsized, Obamacare

[@sixty9harleyPittsburghPAP]

Oops bumped enter. 50 cents an hour to $40. If I worked 3 hours and my employer paid me with a $120 microwave would I be happy? If I worked 8 hours and got 8 bottles of $20 wine would I be happy? If I scrapped the side of a house in the hot sun in 1966 for 8 hours and got paid with a happy meal today would I be happy? Judge each purchase by your worth.

[@sixty9harleyPittsburghPAP]

@R Voit I have made mistakes, but I have not worked since 2008 and still have $1.3m left, zero debt, and nothing left to purchase, I have it all thanks to my to my 401k! Reaching a point where being thrifty is irrelevant is a worthy goal. But I still shop at Aldi, old habits are hard to break.

[@michaelmcdonnell1172]

Only mistake you made is when you were talking about rule of 55. That is not an employer rule. It is an IRS rule I know this because I took advantage of this and did this and when I told my employer that I was going to do this and take advantage this rule they said I’m sorry you can’t do it we don’t participate in it. I had to inform them that this is an IRS rule not their rule, and so I retired early I did not do it at 55. I did it at 56. But nonetheless, this is an IRS rule so anybody who’s got a 401(k) can take advantage of rule of 55 retire from the company make withdrawals from your 401(k) and not have to pay the 10% penalty. Starting at age 55.

[@MariaHernandez-wb6cf]

Thank you great vídeo. Can you please go into how much a person should take out a year to keep them from paying a lot of taxes.

[@ethiointercept3014]

What about to withdraw all of it while I am working in the company?

[@KaitlynMcCary]

Ditto!!

[@darenmcgovern4285]

What if you transfer one 401k to another 401k at your new employer, can you then use the 55 rule?

[@jameskosidlo4050]

Typically once you become terminated with one employer your allowed alot more distribution types from the old 401k regardless of age including rolling over to new plans depends on the institution though

[@Team8LA]

Thank you for the information. Can you please talk about how children inherit deceased parents 401k and bank account cash? Do children file 8606 to take out all money from deceased parents? Is there any way to roll it over to their own account? TIA!

[@granthaller9544]

One thing never mentioned in regards to 401k to IRA rollover is that 401k may be protected against creditors and IRA may be fair game in a lawsuit. Also, 401k may have lower fees than a managed account.

[@jimcastillo8950]

Hello, question..... When one reaches retirement age and starts to withdraw from 401K, does the financial company take out the tax or do you simply report what you withdraw on your yearly tax return? thank you

[@edwinrodeo]

My wife and I have withdrawn asking for taxes to be taken out.

[@maddmatt9239]

I'm 57 and wore out from working at Costco. I've got over 1 million in stock. Should I quit my job, pay off my home and live cheap till 62? I've got no debt other than 70k in mortgage. And have the VA for medical. Smart guys please help w advice.

[@HummerLove]

I, too, am worn out from my job. If I had a million, I would quit my job as soon as I figure out how to obtain health insurance.

[@bjbhehir]

I retired 9 years ago with a lot less than that at 50!! But I do have my home and two rentals paid off and a vacation rental on Maui that we use during the summer. Matt that's a no brainer!! Go for it!! By the way, I Love Costco!!

[@HummerLove]

How does one obtain quality, affordable health insurance when you're not old enough to sign on for Medicare?

[@FNDD22]

Union.

[@kbsanders]

Rolling over a 401(k) into an IRA forfeits the Rule of 55 exception, correct?

[@mizzmolly7649]

That's what I'm going to do when I retire. Rolling my 401k into an IRA will allow me to invest the money in any stocks I choose, and I don't have to pay taxes on the money until I take my distributions. But I thought the rule of 55 only applied to the 401k and 403b.

[@retiringsoon]

What is roth 401k?

[@neillee3793]

401k vs IRA = "employer affilited" in addition to making contributions?

[@gearlstrickland3365]

Is there a penalty if you're disabled to work if you draw your money out

[@comfortaddy9169]

Good job. We want more this. Thanks

[@josephcarioggia9506]

So I'm 59 and a half just barely, but lawyer friend said I need to wait another month for some reason. Please let me know if this is true.

[@sherrid5315]

I took money out of mine to pay bills ! I payed taxes! Will I also have to pay Ohio State Taxes? I had her take some anyways just incase! I am 64 ! Any help please ? Ty for the video !

[@chipkimber]

How is the rule of 55 plan specific? Incorrect.

[@ashleymartin3752]

I am trying to do an investment property. I want to use my 401k. What is the way to use it

[@senorwonderful]

I'm 59 1/2. Retired. I have an old 401K from a previous employer. I talked with someone at the 401K company and she told me that I cannot get monthly payments until I am at least 60 without a penalty. She said that I could only make a withdrawal without penalty, but not receive a regular monthly check.

[@alrocky]

Wait few months or roll that old 401(k) to traditional IRA and then withdraw as you please.

[@giangluu5189]

Can you make a clip like this regarding 457 account ? Thanks .

[@joginderdalal9252]

If any PPT is getting 55 this year on 11/22/2022 as DOB of PPT is 11/22/1967 however terminated or retired on 02/10/2022 (this year) and wants to take distribution before November 2022 then what code will be applicable for distribution??

[@thirithhut3115]

Question on RMD? Let say this year 2024, John Doe has an IRA Acct. of $100k @ age 72 not working. Source of Income from SSA with NO tax liability. Based on the RMD table period is 25.6 = $3,906.25 are taxable? then what happen, if he did not withdraw this year and wait for next year?

[@yolandamendoza732]

I’m still working what is the con or pro to take some cash out besides of course the fund gets laser

[@RajendraPrasad-hi5on]

Can we with draw money from 401k for Education as hardship. If yes, will i get penalty or taxes

[@stevensmith1057]

Who can I talk to about this subject in person?

[@JY35509]

How much you have to withdraw from 491K at 72.

[@dennisgray4456]

I got 2 loans on my 401k. Can you change it to a hardship and take a penalty on it?

[@John-ip4hs]

Will there be penalties for rollover 401 to IRA? If so, what’s ballpark percentage government will tackle on the amount you transfer over?

[@alrocky]

Q1 *No* penalty for traditional 401(k) to traditional IRA

[@Jrig24]

Does it matter if it’s a closed 401k account?

[@markseifried3959]

I wish you would go right to what 90%* of withdrawers need to know. What is my minimum amount and I never heard this.

[@Samtasticlife37]

Please comment on self-directed IRAs.

[@michellec.4994]

I haven't paid into my 401k since covid ..2021.. I'm still employed. Didnt pay into it during 2020-2022..I did receive unemployment for a full year 2020-2021, but didn't invest in 401k. Where do b I go from here??

[@raythompson6151]

You never answered the question, when you retire how do you get your money out and what is the tax on it when you retire and want to use your funds?

[@Ivaniesto]

How many times can you withdrawal from youre 401k facing a lot of medical problems 😢

[@katanatac]

My plan is to take a lump sum and close out my 401k one year before I retire, pay the taxes on it and stash it away then draw my social security. Does this sound like a good plan?

[@ChloeBensonBeautyBoxes]

No

[@katanatac]

@@ChloeBensonBeautyBoxes Why not? I won't have to be filling out tax forms anymore and I can be free.

[@passion4vintage559]

Quesion: for employee 401k under distribution detail page, what does it Mean on Termination claim along the issue date, the gross amount, defaulted amount? Its transamerica. Does that mean they gave me the money? I have not got anything and my 401k is showing $0 balance. Idk whats happening.

[@MrCjasso]

Why take my 401K (no charge or fees) and roll it over into a IRA where brokers charge ($2300 a year) or more to manage. Wouldn’t I be money ahead by managing my 401K properly.

[@DangBerry-cd8pu]

charles schwab is free

[@jorgerojas1576]

I have a 457 that just placed in a fix account making 3.5 percent interest but I’m 58 year old retired. I make 45 thousand a year from my pension. Should I, when turn 591/2 put them in a IRA.?

[@duartejose93]

I am 60 years old, my wife became disabled and is in a hospital in Brazil, i need to withdraw my savings of my 401k at Fidelity, but i need the wife signature, she is not able to do it, i need help , asap! Please!!

[@bjbhehir]

I think you need a Durable Power of Attorney, get a Living Trust and you'll have all the correct docs. You can sign for your wife if she's disabled

[@freemolimo]

You didn't mention anything about federal taxes

[@rhondacab5]

What do you know about 403b?

[@markjauregui8138]

What is the best approach to protect a work 401k for the coming recession? This will be the biggest one ever, I dont think I have enough time to wait it out, and rebound.

[@elizabethhudson1993]

It's almost impossible to draw it out been trying for months an without some real major hardship I can't get it...even cancelled it an they will not give it to me...it's dumb af I can't get my own money out of it

[@sarcasm2960]

@@elizabethhudson1993 Why can you not draw it out? ive been waiting on mine for almost a month for my former employer to release it.

[@elizabethhudson1993]

@@sarcasm2960 without a bad hardship they want let me have it...I even cancelled the account an they will not give me my money

[@patches1483]

Call the financial institution that holds it and ask them. They will give you choices that are not tied to the stock market fluctuation.

[@PlanePreacher]

If they have a brokerage link account, you might move it to cash

[@leevang9087]

my Girlfriend took out money out of her 401k 3x is that bad? because she wanted to use it for vacation

[@T18skyguy]

If you have a $500,000 401K, on retirement can you roll that into several IRA's from different banks? I read that it might be a taxable event if you roll it into more than one. Am thinking I don't want too many eggs in one basket so to spread out FDIC protection. Thanks

[@eyassughide948]

99

[@alrocky]

"might be a taxable event if ..." *NOT* a taxable event Banks however likely not your best option as IRA custodians.

[@ruthrecalde2858]

As long as you roll it to the type of IRA's there is not problem.

[@huonghua3409]

@@ruthrecalde2858 I’m

[@superdon1chw]

I am retired I left at 59 I make 60,000 gross now not working I think I am allowed to make 80,000 a year am, I correct ?I am 63 now

[@Bear_83]

Got a 401k and a 457... Using my 457 for home purchase no penalty paying myself back with 4%interest

[@chevman46]

Share any information ... Please ...

[@Bear_83]

@@chevman46 what you mean

[@saraparkins6459]

Can i get my money back if i quit?

[@guissellemontero1235]

Como yo puedo saber si tengo 401K y como hago para averiguarlo

[@hectorpollo6591]

Cuando te pagan, tienes que ver lo que te quian de impuestos, en una linea checa si tienes un deducible de 401K, espero que esto te ayude.

[@alvaromercado1542]

401k tú tienes que hablar con tu empleo para tener ese beneficio.

[@blessedbeauty5411]

I withdrawal 2500 for medical bills.I used 1800 for medical bills.I thought that I would need more will I get in trouble for miscalculating the amount needed?

[@BUDWEIZER777]

No

[@susanakortemeyer9174]

Can you save 401k having SSS incime

[@mikeriedel4823]

What if you have Roth 401

[@mr88cet]

0:55 - well, for the record, there are _Roth_ 401Ks too, but…

[@jadestone8552]

I am 74 yrs old, I want to withdraw all of my 401k and purchase a tiny house. Do I still have to pay 25 percent in taxes?

[@drah9955]

Tax deferred, when you begin to withdraw, gov’t wants their money, yes, you pay taxes

[@silviarojas9266]

Can i avoid to pay the IRS for a withdrawal on a TSP? I had to withdraw some funds from my TSP during COVID 19.

[@alrocky]

If you withdraw from Roth TSP there is no tax.

[@julianarodriguez3635]

How can you tax me on my own money

[@jadestone8552]

It was taken out of your money before taxes....so when you withdraw you pay those taxes.

[@bjbhehir]

That's what's great about a 401k you don't pay taxes till you take money out.

[@KeyserTheRedBeard]

neat upload Retirement 360 Blueprint - Sierens Financial Group. I broke that thumbs up on your video. Continue to keep up the exceptional work.

[@eyedontnoo]

I’m 25 and been denied my 401k. I wrote a letter asking for withdrawal since I been let go but got denied. I am currently writing a letter of apeal but how is it legal for someone to tell people they can’t withdrawal there money in a time of need. Looking for some insight

[@DangBerry-cd8pu]

interesting. if you are no longer working there you should be able for a full withdrawl you just have to pay 20% for federal taxes

[@TexasASF]

Hey, I got a 1k withdraw about 3 months ago. My truck broke down now I need another withdraw can I still get it? Is there a limit? I'm still work and I'm 30

[@sonofyah_chosen1950]

Did you get a penalty on that 1k? Or had to pay taxes ?

[@damis2372]

I have 401k with my employer. I got laid off and I am 55 year old. Company is giving me 6 month of severance pay (paid Bi-weekly). Am I able to utilize the rule of 55 now or do I have to wait for 6 months (after my severance pay ends)?

[@DFDubsports]

Maybe someone can help. My fiance is currently struggling with health and she is in n out of work so money income is inconsistent. She has a current car loan that she has been trying to get out of but shes way upside down on the loan. My last resort was to withdraw some money from my 401 and help pay the difference to get rid of her 500$ monthly payments. We are in our early 30’s. Any thoughts on how that would work?

[@janeroldvlogs2890]

Hi sir according to my husband he got his 401k before when he is 53. And after a year he lost his job and until now he is 58 living here in the Philippines with me.i am worried of his health and im the one working or making money.Doe he still able to get his retirement at the age of 62?.its helps if he have for his medication.thank u

[@manny7886]

If he has at least 40 credits of work. You earn 1 credit for every quarter you work. This simply means, if he had worked for at least 10 years then he's eligible for retirement/pension from the SSA.

[@yovanyarroyo3110]

If I’m self-employed can I get 401(k) for myself

[@patches1483]

No. You can get an IRA.

[@ellegi5795]

yes you can get a Solo401K Etrade has those

[@randymullins3555]

A 30k & 6k car loan with 100k in savings certainly isn't debt by any standards! They're factually in great shape compared to tens of millions! Probably paying $400 hundred and $120 per month per vehicle.

[@maxjoey197]

how about 457 b

[@Teresa-n1g]

What is the number I can call to get some money out of my Oregon safe account

[@SilverHonda0767]

What is the maximum amount of money I can contribute to my 401k every year ?

[@haiyao1978]

22.5K

[@SilverHonda0767]

@@haiyao1978 thanks.

[@haiyao1978]

@@SilverHonda0767 An additional $6,500 can be deposited for those 50 years and older.

[@sandylunden5782]

Just to clarify, If I roll over my 401K into a Roth IRA, will I get penalized?

[@salma_Nella22]

He says it depends on who you are investing through. Best thing to do is look up the terms

[@alrocky]

No not penalized but you will owe tax on the amount that convert.

[@manny7886]

No. I consolidated my four 401Ks (from 4 different employer) into 1 Roth IRA last year. No penalty. Never paid a penny. Never owed taxes on it.

[@WesProphecy2032]

Beware, regarding the rule of 55. Rolling your 401k over to an IRA after leaving your company will cause you to lose the benefit of withdrawing your funds under the rule of 55 since this only applies to a 401k and not an IRA.

[@Kortneylove-1]

Fact remains, though the 401k is one of the safest retirement plans, it is not a particularly a good option. Better strategy; Live below your means, Invest 20-30% of your income into the stock market but of course, be well informed about where you want to put your money... I made my first million earlier this year from stocks alone with about 550k after I dissolved my 401k and added little cash (through the help of a pro though). Greatest decision I ever made.

[@marlenaaj]

Now you have my attention sir How did you do this? Who's the knight in shinning armour? I am slowly giving up on all of these

[@Kortneylove-1]

@@marlenaaj Sir? It's funny cos I'm a lady or doesn't it suit the "narrative"? It takes quite some level of patience and "Nancy Lynn Lewis" is the "knight", she was in the news alot in 2018. You can check her out online for more.

[@marlenaaj]

@@Kortneylove-1 Low Blow right there ma'am. You didn't have to pull the gender card. Wasnt necessary. Thanks still. Ill check her out

[@trishawallor]

@@Kortneylove-1 Wow I know this little lady. Once attended a seminar she was also in attendance here in Texas,, Great speaker. I still think the 401k or putting it in a high yield savings account is the more reasonable option, given the economy,,

[@winstonwawrzyniak3925]

@@trishawallor This right here is the second time I am coming across this name in a week. Came across her podcast and it was lit

[@shellywhite2145]

Great stuff. I watch several youtube videos on how to trade in the stock market but haven't made any headstart because they are either talking some gibberish or sharing their story of how they made it and I do not want to make mistakes by taking risks in my own hands.

[@shellywhite2145]

@Jack Whittaker hi, no I haven't do you know any or can you point me in the right direction?

[@christophergomez8524]

@@shellywhite2145 I want to go into stock but i need a certified/registered professional who will guide and handle my account.

[@christophergomez8524]

@Jack Whittaker Ok, just found his website, impressive, Thank you.

[@Ww8.3]

The retirement age is always going up. Save save save they tell you. The fact is you can’t take money to the grave. Live for today and tomorrow. Save a little vacation a little

[@sreelaajithkumar4077]

Hi I want to have 401 k my employer not offering so what should I do ???

[@cobhead1986]

Agreed!

[@person-ey2ct]

Who's money are we discussing here???? Oh that's right our money Government to much control already...

[@peterviyuk2978]

Excellent explanation. Thank you very much.

[@MsSoniagandhi]

My friend lost her job and removed the 401K. How does she avoid paying high taxes.

[@katybrooke0724]

following this too

[@alrocky]

move the 401(k) to an IRA

[@katybrooke0724]

@@alrocky vanguard IRA? or who do you recommend..I was thinking credit union.

[@alrocky]

@@katybrooke0724 Look at Fidelity Schwab Vanguard before considering credit union. You want to use a low cost index fund as your core or majority holding which your CU may or may not have but it likely will not better than the aforementioned 3 brokerages.

[@MsSoniagandhi]

@@alrocky she does not want to spend money on brokers and has already started making payments. What can she do now.

[@craighoward4446]

Thank you for the info

[@worldpeace8187]

Great video. Thank you!!

[@abrahamzekios2666]

Thanks so much for your information.

[@pillbertdidit]

Dang I'm Way behind, I'm 38 with zero credit and never had a credit card.I'd say I have a fresh start 👀, Others say I'm ?

[@loveyourselfothers7978]

Can I borrow from my 401k to buy a house at any age?

[@mmaranta785]

You can, but it adds to your taxable income for that year and also you pay 10% penalty. I did that in 1994 when I took out $10,000 for a down payment on my $134k condo, which is now worth $650k so it was worth it

[@alrocky]

@@mmaranta785 There is no 10% penalty and should not add to your taxable income - it's a LOAN.

[@mmaranta785]

@@alrocky Ok, I think you must be still working at the company to take a loan. I was not, so it was a withdrawal and I got hit with a 10% penalty

[@LEA-yr7bb]

I took out from my 401k earlier this year. I only had a 3% interest rate. Only had to pay an extra $300

[@anthony7440]

your very knowledgeable i wish you can do mine for me lmao i just need money and have no clue if i can make myself go indebt.