I withdrew my 401K funds!

This is my story about cashing out my 401k! I once had a 401k that I needed to take care of ie. Rollover, except I didn't know what that meant. Here's the mistake I made. The gear I use in my videos Canon Camcorder Vivitar Wide Angle lens USB Microphone Shotgun Microphone Green Screen Ring Light LED Video lights *these are affiliate links*...(read more)

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I CASHED OUT MY 401K! It's a phrase that many of us have heard, but what does it actually mean? When someone says they cashed out their 401k, it typically means that they have withdrawn all or a portion of the funds from their employer-sponsored retirement account before reaching retirement age (usually 59.5 years old). There are a few reasons why someone might choose to cash out their 401k. One common reason is to pay off debt or unexpected expenses such as medical bills, home repairs, or car payments. Another reason could be to invest in a new business or entrepreneurial venture. However, while it may seem like a quick fix to get cash in hand, cashing out a 401k before retirement age can have serious financial consequences. First and foremost, cashing out a 401k will incur taxes and penalties. The funds in a 401k account are typically tax-deferred, meaning that the contributions and earnings on those contributions are not taxed until they are withdrawn. If someone cashes out their 401k before retirement age, they will have to pay income tax on the amount withdrawn, as well as a 10% early withdrawal penalty. Additionally, cashing out a 401k means losing out on the potential for compound interest. Compound interest is the interest earned on both the original investment and the accumulated interest from previous periods. By withdrawing the funds early, the individual will miss out on the potential for their retirement savings to grow over time. It's also worth noting that if an individual has taken out a 401k loan, cashing out the account would require the full loan balance to be repaid. Failure to do so would result in the remaining balance being treated as a withdrawal, subject to taxes and penalties. In short, while it may be tempting to cash out a 401k for immediate financial needs, it's important to carefully consider the long-term consequences. There may be other options such as taking out a loan against the 401k, or seeking alternative forms of financing for unexpected expenses. Ultimately, a 401k is meant to be a long-term investment for retirement, and it's important to approach it as such. If someone is experiencing financial hardship, it may be best to seek the guidance of a financial advisor or counselor before making any drastic decisions. https://inflationprotection.org/i-withdrew-my-401k-funds/?feed_id=101403&_unique_id=6470c7ba46473 #Inflation #Retirement #GoldIRA #Wealth #Investing #401k #457b #firefighter #investing #investing101 #investingforbeginners #investinginstocks #Investinginyour20s #investingmistakes #Retirement #RetirementPlans #savingmoney #401k #401k #457b #firefighter #investing #investing101 #investingforbeginners #investinginstocks #Investinginyour20s #investingmistakes #Retirement #RetirementPlans #savingmoney

"Is Birch Gold Group a Reliable Choice for Your 2023 Gold IRA Investments?" - A Quick Review #shorts

In this Birch Gold Group review video, I go over what makes this Gold IRA company unique, the pros and cons, their fees, minimums, and much more. Get their free guide here: 👉 FREE Resources: ➜ Gold IRA Company Reviews: Birch Gold Group boasts high ratings from consumer advocate groups. With an A-plus rating from the Better Business Bureau, a triple-A rating from the Business Consumer Alliance, and high marks from Trust Link, Trustpilot, and Google Business, Birch Gold is a top choice to trust your hard-earned retirement savings. Birch Gold Group’s low initial investment minimum is another edge it has over its competitors whose minimums can range from $25,000 to $50,000. A beginning $10,000 minimum investment is all that is required to start a GOLD IRA with Birch which is advantageous for first-time investors. Spanning nearly two decades, Birch Gold Group’s mission and philosophy focus on a commitment to understanding your needs and finding the right fit for you. Their

New York Times Company Continues to Add Online Subscribers at a Steady Clip

Business News by Timothy Sumer - The company’s first quarter results showed total paid subscriptions reaching 4.5 million. Online ad revenue rose 19 percent, to $55 million, thanks, in part, to “The Daily” podcast. from NYT > Business https://nyti.ms/304QC2w via Timothy Sumer

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom Should I Rollover My 401k to anIRA 🤔 || 401k to IRA Rollover Pro's & Con's In this video, I want to talk about rolling over your 401k to an IRA Rollover and if that makes sense for your retirement planning . I want to look at the pro's to rolling over a 401k and also the con's to rolling over a 401k. When you should rollover your 401k to an IRA and when you should NOT rollover your 401k to an IRA. Let's talk about when you should NOT rollover your 401k to an IRA: 1. You are still working and are under the age of 59.5 2. You are 55 and considering retirement (Rule 55) 3. Increased creditor protection in a 401k 4. 401k's offer loans--IRA's do not offer loans Why you SHOULD rollover your 401k to an IRA 1. More investment choices in IRA over 401k 2. Lower investment fees 3. Convert IRA to Roth IRA (Roth IRA Conversion) 4. Consolidation from multiple 401k'

Timothy Sumer

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