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...
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)