401k Rule Of 55 | Take Early Withdrawals from 401k w/o penalty #shorts #retirement #financialfreedom

401k Rule Of 55 | Take Early Withdrawals from 401k w/o penalty #shorts #retirement #financialfreedom Full Video Here: Can I Retire at 55 with $1,000,000 in Retirement Savings? || Social Security Benefits Explained In this video I want to look at a 55 year old asking the question, Can I Retire at 55 with one million dollars. We are going to look at all three social security options for this 55 year old looking to retire and we are going to look at expenses with inflation and COLA on social security. When planning out retirement income streams, its important to consider when social security benefits are going to start, how long retirement savings and retirement investments are going to last, and how inflation on our expenses interact with our planned retirement income. Retirement income strategies and retirement income planning are two big pieces to anyones retirement planning calculator. Whether you are wanting to know strategies for "retirement planning at 30", "retirement planning at 40", "retirement planning at 50", or even "retirement planning at 60" understanding how much retirement income that you want versus how much you need gives you a roadmap to follow to and through retirement. Here at Pearl Wealth Group, we run a trademarked retirement investment and retirement income plan for individuals and families who are wanting to retire called "Your Financial EKG™." What we are trying to visualize is how long a persons retirement savings are going to last throughout their retirement. If you are looking for early retirement planning tips or trying to save for retirement, You Financial EKG™ is a great tool to help you understand where you are in your retirement planning. Retirement planning and retirement income strategies shouldn't be complicated. They should just be done right. Buy Our Book: Click Here For More Retirement Planning Videos: 401k Rule of 55: **Free Retirement Download: The Roadmap to Retirement:** **To schedule your virtual retirement and investment consultation with Drew, please select a day & time that works best for you: ** **Visit our Website: ** Retirement & Financial Planning Resources: -Have You Ever Been Bitten by an Elephant?: The Definitive Guide for Retiring Well by David & Drew Blackston: -Common Sense Investing by Jack Bogle: -The Intelligent Investor by Benjamin Graham: -The Blessed Life by Robert Morris: -Barrons Magazine: -The Wall Street Journal: **Please make sure you talk with your CPA, Financial Advisor, Retirement Planner, or Investment Advisor Representative, before implementing any content from this channel. All videos are for informational and educational purposes only. None of the content, comments, responses, information, or any other item on this channel constitutes financial advice or recommendations. Please call Pearl Wealth Group at 813-807-5060 to go through your Retirement Income, Retirement Investments, or retirement plan in more detail.** Pearl Wealth Group Drew Blackston, CRC® & RFC® Office: 813-807-5060 Info@pearlwealthgroup.com Getting you to Retirement, through Retirement, & protecting YOUR ability to stay in Retirement! Tools Used To Create Video: -TubeBuddy Keyword Research: #retirementplanning #retirement #financialfreedom **More Retirement Information Here: ** 🧐 **Meet Your Retirement Planning Team: ** 😎 **Worried That Your Retirement Strategy Is Missing Something: ** 🤔...(read more)

---

LEARN MORE ABOUT: 401k Plans
REVEALED: Best Investment During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
HOW TO INVEST IN SILVER: Silver IRA Investing

---

The 401k Rule of 55 allows employees to take early withdrawals from their 401k accounts without incurring a penalty. The rule applies to individuals who have retired or left their employer at the age of 55 years or older, even if they are not yet 59 ½ years old - the age at which IRS imposes the 10% early distribution penalty. To explain in detail, if an employee has a 401k account with their employer and retires or is laid off at the age of 55 or older, they can withdraw funds from their 401k account without incurring the 10% early withdrawal penalty. However, income taxes will still apply to the amount withdrawn unless the funds are rolled over into an IRA account. For instance, consider an individual retiring at age 55 who has $200,000 in their 401k account. They need to withdraw $50,000 to cover their expenses for the next year. Usually, if they withdraw that amount, they would have to pay an additional 10% penalty, which comes out to $5,000. However, because of the 401k Rule of 55, the employee is exempt from the penalty of $5,000 and can withdraw the $50,000 without any consequences. However, it is worth noting that if the funds are withdrawn before the age of 59 ½, the employee will still have to pay the regular income tax on the distributed amount. Hence, it is crucial to consult with a financial advisor or tax professional before making any withdrawals from the 401k account. Moreover, it's important to note that while the 401k Rule of 55 may offer an excellent opportunity for early access to retirement funds, it may not suit everyone's retirement strategy. The withdrawal may have an impact on the account's potential for future growth and could lead to a lesser amount of retirement income. In conclusion, the 401k Rule of 55 offers eligible individuals an incredible opportunity to withdraw 401k funds without incurring the 10% penalty. However, individuals must consult with tax professionals before making any withdrawals and ensure that it aligns with their retirement strategy. It's necessary to remember that the earlier withdrawals can have a long-term impact on retirement savings and to plan accordingly. https://inflationprotection.org/401k-rule-of-55-take-early-withdrawals-from-401k-w-o-penalty-shorts-retirement-financialfreedom/?feed_id=80536&_unique_id=641b9d7859260 #Inflation #Retirement #GoldIRA #Wealth #Investing #401kruleof55 #caniretireat55 #caniretireat55with1million #caniretireat55with1milliondollars #caniretireon1milliondollars #caniretirewith1milliondollarsat55 #FinancialPlanning #financialplanningforearlyretirement #howtoretireearlyusingtheruleof55 #retire #retireat #retireearly #retireearlyfinancialindependence #Retirement #retirementincome #retirementincomestreams #retirementplanning #retirementplanningat50 #Ruleof55 #401k #401kruleof55 #caniretireat55 #caniretireat55with1million #caniretireat55with1milliondollars #caniretireon1milliondollars #caniretirewith1milliondollarsat55 #FinancialPlanning #financialplanningforearlyretirement #howtoretireearlyusingtheruleof55 #retire #retireat #retireearly #retireearlyfinancialindependence #Retirement #retirementincome #retirementincomestreams #retirementplanning #retirementplanningat50 #Ruleof55