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...

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...

#insurancefmo #insuranceagent #medicaretraining Happy early Groundhogs Day! You need to be well versed in Social Security if you want to be a Medicare expert. In today's episode, Sylvia Gordon is talking all things 401k and Social Security retirement. What are the different ways that your clients can be affected by drawing SS early? Hint: there's a lot. Tune in to find out. Reach out to us at Gordon Marketing or contact your marketer for Gordon Marketing's Medicare and Social Security Cheat Sheet. Follow our NEW podcast! Spotify - Google Podcasts - YouTube : KEEP UP TO DATE!!! Follow us on social media. Facebook: LinkedIn: Instagram: Twitter: Produced by Family Goat Multimedia Studio Gordon Marketing 20236 Hague Rd Noblesville, IN 46062 www.GordonMarketing.com (800) 388-8342... ( read more ) LEARN MORE ABOUT: 401k Plans REVEALED: Best Investment During Inflation HOW TO INVEST IN GOLD: Gold IRA Investing HOW TO INVEST IN S...

In this video, we’re covering what you need to know before you cash out your Roth IRA or take out a good sized chunk of cash from it – and what you need to know to avoid paying the 10% penalty for early withdrawal. ➡️ Must-watch video: Should I STOP Funding My Retirement? ✅ SUBSCRIBE to NOT being a transaction ever again... ✅ Like us on Facebook! ✅ Check out our site for more tips The rules allowing a Roth IRA to be 100% tax-free and penalty-free are firm: Hold the account for more than 5 years and be age 59 ½ or older. Now, if you’re under 59 ½ and you want to withdraw ALL or SOME of the money from your Roth – how much you have to fork over to the government for early withdrawal is determined by how long you’ve held the account. And that amount is 5 years. If you have had your Roth IRA for under 5 years and you are under 59 ½, you will be penalized 10% by the IRS. Remember, your contributions are always free from taxes since ...