President Biden on December 29 signed the $1.7 Trillion spending bill into law. There are 4 new changes to the IRA & 401K withdrawal rules you should be aware of. 🤳 Psy on TikTok, Facebook, Instagram 🤳 📖 Get Your Free Financial Spreadsheets and Resources 📖 ➡️ 👨🏫 Free Financial Coaching 👩🏫 Schedule a free 20-minute Individual Coaching Session Schedule a free 30-minute Couple's Coaching Session ➡️ 📧 Email: hello@firepsychat.com 📖 What’s on my display shelf? 📖 ➡️ For sponsorships and business inquiries ➡️ media@firepsychat.com 📷 Additional FIRE Videos Mentioned In this Video 📷 Our $3.7 Mil Fat FIRE Plan - How We're Saving 70% of Income (2023) - My $1.1 Mil Fat FIRE Progress (Sep 2022) - How to Become an Ordinary Millionaire - How to Start F.I.R.E - The Ultimate F.I.R.E Guide - How to Invest in an HSA - Become a TSP Millionaire - Financial Independence Calculator - FinancialIndependence #IRA 🎵 Music and Sound Effects Provided by Epidemic Sound 🎵 Disclaimer: I am not a financial advisor. I am solely sharing my personal experience and opinions. All Strategies, tips, suggestions, and recommendations shared are solely for entertainment and educational purposes only. There are financial risks associated with investing. You must conduct your own research and due diligence, or seek the advice of a licensed advisor if necessary. Affiliate Disclosure: Some of the links on this webpage are affiliate links, meaning, at no additional cost to you, we may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact our opinions and comparisons....(read more)
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The Roth IRA Withdrawal Rules You Didn’t Know About #shorts If you're interested in investing for your future, then you've probably heard about Roth IRA - a tax-advantaged retirement account. Although Roth IRA rules are relatively straightforward, there are some lesser-known withdrawal rules you need to know about. First, you need to know that you don't have to wait until your 60s to withdraw money from your Roth IRA. You can withdraw your contributions anytime penalty-free. However, if you withdraw the earnings (interest, dividends, or capital gains) before age 59.5, you'll be subject to a 10% early withdrawal penalty in addition to the tax applicable to the earnings. But there are several exceptions to the early withdrawal penalty. One exception is for first-time homebuyers, where you can withdraw up to $10,000 for the purchase of a primary residence without paying the 10% penalty. Another exception is for higher education expenses. You can withdraw the earnings penalty-free for qualified educational expenses for yourself, your spouse, your children, or grandchildren. Qualified expenses include tuition, fees, books, and other essentials. You can also withdraw from your Roth IRA to pay for medical expenses that exceed 7.5% of your adjusted gross income, or if you become permanently disabled. Another less-known Roth IRA rule is the "Five-year rule." This rule applies to the conversion of traditional IRA to Roth IRA. If you have never owned a Roth IRA before, then you must wait five years after the conversion to withdraw the earnings without paying the 10% early withdrawal penalty. Finally, Roth IRA has no required minimum distributions (RMDs) during your lifetime. Unlike traditional IRAs, you're not required to take withdrawals from Roth IRA after age 72. If you don't need the money, you can keep it invested and let it grow tax-free. In conclusion, understanding the Roth IRA withdrawal rules is essential to maximizing the benefits of this retirement account. You can withdraw your contributions anytime, withdraw penalty-free for first-time homebuyers and higher education expenses, withdraw for medical expenses and disability, and avoid RMDs during your lifetime. https://inflationprotection.org/shorts-little-known-roth-ira-withdrawal-regulations/?feed_id=96888&_unique_id=645e866881f97 #Inflation #Retirement #GoldIRA #Wealth #Investing #1.7trillionspendingbill #10penaltyretirement #2023401krules #2023401kwithdrawalrules #2023IRAwithdrawalrules #401k #53billionretirementbill #birthoradoptionIRArules #Domesticabuseretirementwithdrawalrule #financialemergencywithdrawalrule #ira #IRAactivereservistwithdrawalrules #IRAeducationrules #IRAfirsttimehomebuyer #IRAhealthinsurance #naturaldisasterwithdrawalrule #terminalillnessIRAwithdrawalrule #unreimbursedmedicalexpenses #VanguardIRA #1.7trillionspendingbill #10penaltyretirement #2023401krules #2023401kwithdrawalrules #2023IRAwithdrawalrules #401k #53billionretirementbill #birthoradoptionIRArules #Domesticabuseretirementwithdrawalrule #financialemergencywithdrawalrule #ira #IRAactivereservistwithdrawalrules #IRAeducationrules #IRAfirsttimehomebuyer #IRAhealthinsurance #naturaldisasterwithdrawalrule #terminalillnessIRAwithdrawalrule #unreimbursedmedicalexpenses
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