Timothy Sumer

Are you considering cashing out your 401k due to financial hardship or debt? In today’s video we’re covering what you need to know before you take money from your 401k or completely cash it out and we’re going to show you how to keep more of your money and how to avoid paying 401k early withdrawal penalties. Should I Continue Funding My 401k: ✅ SUBSCRIBE to NOT being a transaction ever again... ✅ Like us on Facebook! ✅ Follow us on Twitter! ✅ Check out our site for more tips Obviously it’s not ideal to touch your retirement savings, but sometimes your 401k is the only resource you have should you need cash emergencies. If you have to take cash from your 401k, you want to withdraw the money with the least amount of impact on your finances…and financial future. The IRS requires automatic withholding of 20% of a 401k early withdrawal for taxes. Along with the withholding taxes, the IRS will also hit you with a 10% penalty on all funds withdrawn when you file yo

Amid high inflation and recent concerns about the health of the country's banking system, many Americans are cashing out their retirement funds, but experts say people need to be careful on this issue. Reporter Garrett Tenney has more. #retirement #401k #economy #finance Subscribe to FOX 10 Phoenix! Watch FOX 10 Phoenix live: FOX 10 Phoenix delivers breaking news, live events, politics, entertainment, business news and local stories from Phoenix, Arizona and across the nation. Watch more FOX 10 Phoenix on YouTube: Arizona Headlines: National headlines: World Headlines: Download FOX 10 Phoenix News and Weather App: Follow FOX 10 Phoenix on Facebook: Follow FOX 10 Phoenix on Twitter: Follow FOX 10 Phoenix on Instagram: Subscribe to FOX 10 Phoenix's newsletters: ... ( 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 I

How do you take money out of your 401(k)? Well. You need to have a qualifying event. This video highlights those qualifying events and has a brief overview of the tax implications of taking money out of your 401(k). ====================== My industry is so regulated that I’m not able to answer comments here. Have a clarifying question? Facebook message us: Want to get started working with me? In the meantime – like & subscribe if you like what you see. ====================== Obligatory disclaimers: Securities offered through Kestra Investment Services, LLC (Kestra IS), Member FINRA/SIPC. Investment Advisory services offered through Kestra Advisory Services LLC (Kestra AS) an affiliate of KestraIS. Pleasant Wealth, LLC is not affiliated with Kestra IS or Kestra AS. Anyone considering a 401(k) in-service distribution should refer to the plan document, which specifies whether an in-service distribution provision is available and the conditions under which

In this video, we'll explain what a 401k is and how it works. We'll cover the basics of employer-sponsored retirement plans, including how they're funded, how contributions and investments are managed, and what tax advantages they offer. We'll also discuss the differences between traditional and Roth 401k plans, as well as some of the key considerations to keep in mind when choosing and managing your 401k investments. Whether you're new to retirement planning or looking to optimize your savings strategy, this video is a must-watch! Like, Comment, and Subscribe! If you would like free stocks, click the links below. Join Robinhood with the link below you will be able to pick your own free stock 🤝 Join Webullwith the link below you will be able to pick your own free stock 🤝 Join Coinbase with the link below you will be able to pick your own free stock 🤝 ... ( read more ) LEARN MORE ABOUT: 401k Plans REVEALED: Best Invest

Here’s how to get money out of your 401(k), including when it’s allowed and what to expect during the process.The options for taking a withdrawal of your 401(k) savings depend on whether or not you’re still working at your job and what options your employer offers. We’ll cover several situations: ☑️ While you’re still working ☑️ After you leave your job ☑️ How to take income ☑️ And more 🌞 Subscribe to this channel (it's free): More on 401(k) withdrawals: ❓ How much tax will you pay? ❓ Can you avoid or reduce taxes? After you leave your employer, it’s easy. Retiring or changing jobs provides an opportunity to take a distribution, typically whenever you feel like it. In some situations, like when you leave your job after age 55 (but before age 59.5), taking an immediate withdrawal might or might not be the right move. While you’re still working, you might also have options for taking money out of the plan. For example, you might be able to take a 401(k) loan, a

In this video I go over 401k loans, 401k loan repayment, how to borrow from your 401k, 401k withdrawal strategies. Should you use a 401k loan? how much can I borrow from my 401k? For a FREE Medicare Plan Review to find out if you picked the right plan for 2020: To find a Health Insurance Plan in your Area: To Schedule a Medicare Review with Matt: To sign up for a Health Matching Account: For more resources: Link for Wade PFau's Book: Safety-First Retirement Planning: An Integrated Approach for a Worry-Free Retirement Earn 2 Free Stocks (valued at up to $1400) when you deposit $100: To see what I am using to film please see the amazon links below: This is the WebCam I use for Online meetings and Screen Recording: Logitech 930 WebCam: This is the Headset I use for Online Meetings and Screen Recording: Sennheiser Office Runner Headset: This is my Main Camera: Cannon M50: This Main lens Sigma 16mm 1.4 fStop: This is the TriPod Smart Phone Converter: This

In this video, we'll explain what a 401k is and how it works. We'll cover the basics of employer-sponsored retirement plans, including how they're funded, how contributions and investments are managed, and what tax advantages they offer. We'll also discuss the differences between traditional and Roth 401k plans, as well as some of the key considerations to keep in mind when choosing and managing your 401k investments. Whether you're new to retirement planning or looking to optimize your savings strategy, this video is a must-watch! Like, Comment, and Subscribe! If you would like free stocks, click the links below. Join Robinhood with the link below you will be able to pick your own free stock 🤝 Join Webullwith the link below you will be able to pick your own free stock 🤝 Join Coinbase with the link below you will be able to pick your own free stock 🤝 ... ( read more ) LEARN MORE ABOUT: 401k Plans REVEALED: Best Invest

401(k) Hardship Withdrawals – What You Need to Know Subscribe to our channel: Click here to book a complimentary 15-minute call with us: Visit our site: Click to Enroll Today here: A record number of Americans are taking hardship withdrawals and tapping into their 401(k)s. According to Fidelity, “Participants taking hardship withdrawals from their accounts rose to 2.4% last year, up from 1.9% in 2021.” Vanguard also recorded a rise in hardship withdrawals in 2022. While alarming, it isn’t surprising as last year saw record high inflation, rising interest rates, and a 15% year-over-year increase in credit card balances. Whether 401(k) investors need the money to cover medical bills, to stay off eviction, or to pay tuition expenses, it’s clear they’re hurting for extra cash right now. Before you dip into your retirement savings, it’s critical to understand the implications of doing so. From taxes to losing more money than you planned, there’s a lot to consider

When saving money through your job’s retirement plan , you often get to choose between Roth 401(k) vs. traditional 401(k) contributions. So, which is best? The choice comes down to when you want to pay taxes and other factors. - With Roth 401(k) contributions, you pay tax on all of your income today, but you ideally get tax-free income in retirement. For that to work, you need to satisfy specific IRS rules. - With traditional pre-tax 401(k), you reduce your income by the amount you contribute to the plan. That helps you save on taxes this year, and it might make it easier to save money in your plan. 🌞 Subscribe to this channel (it's free): Get free retirement planning resources: 🔑 9 Keys to Retirement Planning 🐢 6 Safest Investments Note that this applies to other types of plans as well. For example, if you have Roth 403(b), 457, or TSP—or even Roth Solo 401(k)—things are similar. Check with your plan administrator and tax expert just to be sure. Info from thi

In today’s video we are discussing why having a Roth IRA is an absolute must, especially if you have just lost your job. How the Latest Jobs Report Affects YOU [Must WATCH]: I Lost My Job. Can I Draw from My Retirement without Penalty: ✅ SUBSCRIBE to NOT being a transaction ever again... ✅ Like us on Facebook! ✅ Follow us on Twitter! ✅ Check out our site for more tips If you have lost your job, got laid off, or just decided to quit, you may need to tap into your retirement funds. If so, your go-to source for funds should be your Roth IRA first! (If you don’t have one, they are easy to open – Almost anyone can open one if you have earned income.) Here’s why: You will pay NO penalty on withdrawals of your contributions at any time. You will pay NO taxes on withdrawals of your contributions at any time. Contributions withdrawn do not count as income towards Unemployment benefits! This is HUGE!!! Roth IRA’s have better terms for early withdrawals than a traditional IR

401k CARES Act withdrawal limits have been updated in response to the CARES Act recently signed into law updating 401k withdrawal limits. CARES Act 2020 401k Withdrawal Updates - Effective March 27, 2020, you can take a 401k CARES Act withdrawal of up to the lesser of $100,000 or 100% of your vested 401(k) Plan account balance. You also have the ability to take a hardship withdrawal from the 401(k) plan that is exempt from the normal 10% early withdrawal penalty and repayable within three years. Some of the Pros of taking 401k loans and hardship withdrawals include: Instant capital can be received from your 401k retirement account with very minimal effort. Most 401k plans offer online 401k hardship withdrawals that can get you money within a matter of a few days with no credit checks, impacts to your credit, or a lengthy application process. Another benefit of the 401k CARES Act withdrawal is the fact that the money can be used for anything, although it is highly suggest

Can I Cash Out My 401(K) Without Quitting My Job? There are a number of ways to get money out of your 401(k) while still employed. The two most common of which are: 401(k) loans or in-service withdrawals. The question of whether you can get cash from your 401(k) without leaving your employer is yes, in most cases. The actual means to do so can vary from plan to plan. In doing so, it is important to note that an employer offering the plan (known as the plan sponsor) can opt-in or out of offering some of these methods. In most cases, it is written within a plan document as to what types of withdrawals are permitted within the plan. Make sure to check in with your company's HR department for the details specific to your plan. Read the full article here: Check out our website: DISCLAIMER: Andrew Crider, including but not limited to any guests appearing in his videos, are not financial/investment advisors, brokers, or dealers. They are solely sharing their personal e

🚨Read Our FREE eBook🚨 Get Richer Sleeping - Investing 101: Many people were shocked to see their 401k accounts dropping in value after the 2020 economic slowdown. This is why you need to know how to manage your 401(k) the right way and in this video, we talk about how to manage your 401k during a recession. Subscribe To Our Channel: Recommended: Things You NEED To Understand About The New Economy: Real Estate Investing: How To Manage Your 401k During A Recession 0:23 - The majority of people have been investing in their 401k as their retirement plan for years and are worried about what to do with their 401(k) 1:44 - How the 401k works as a tax deferred retirement account and an investment account 2:45 - How the 401k is changing during this pandemic by letting you pull out $100,000 from your 401k 3:30 - Understanding 401k taxes in this economic slowdown and comparing a Traditional 401k with a Roth 401k 5:00 - How to protect yourself from taxes going up in th