Timothy Sumer

What are the early withdrawal rules for 401K, 403b, 457, and TSP? Let's go over how much you need to invest every year to have $1 million by age 55. High-Yield Savings Account with Ally Bank (Affiliate): ➡️ Private Group Coaching with Psy ➡️ 🤳 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 ➡️ 📖 My YouTube Studio & Equipment 📖 ➡️ 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 - ⏰ Tab

People often get confused in the “400” space considering the fact that there are a few options, 401k, 401(a), and 403(b). Ultimately, they all work almost the same way, and all have the same IRS contribution. In 403b’s, we don’t usually see money matching as much as we see in the other account types. However, they all share the same purpose, to help people save for retirement by allowing them to save their own money, with a possible match from their employer. 401k’s are usually used by companies, and 403b’s are usually seen in non-profit organizations. Moreover, 401a’s are typically seen at non-profit organizations and government entities. The different names represent how the documents are written in the back end, but for employees saving for retirement, all of these different accounts have the same goal. Download our eBook, "Buyer Beware: Why do they keep trying to sell you that annuity?": Schedule a consultation with one of our financial advisors: Subscribe