Planning to retire with a 401k? Find out what you MUST know in this video. Learn about retirement savings, withdrawals, and more to secure your financial future.
0:00 – 0:12 Intro
0:13 – 1:03 Clients Story
1:04 – 2:25 The Rule of 55
2:26 – 3:05 401K Options
3:06 – 4:46 Leaving the 401K
4:47 – 6:04 Limitations of Leaving a 401K
6:05 – 6:32 Partial 401K Rollover
6:33 – 7:41 Full 401K Rollover
7:42 – 7:52 Leave A Comment Below 🙂
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Thank you. I didn’t know about the equal withdrawal issue. I’m guessing you can immediately rebalance but what a pain.
Yes, rebalance, but that is a “must” 2X/yr. per my plan anyway.
Some companies only allow you to take a single withdrawal without penalties between the year you turn 55 until 59.5. Make sure to find out the details for your 401k plan.
Its very simple, once you are 60, roll your 401Ks balances into a self directed IRA at a well known brokerage. Be leery of financial advisors, as their primary interest is making money from your invested assets. You may need one, you may not. Selecting mutual funds is not that difficult, even a rocket scientist can do it A financial planner is going to do a better job of looking at your entire retirement plan. Avoid any financial scheme you don’t fully understand.
It is definitely easy to get into a self directed brokerage. Just remember – mutual funds often have expense fees too! There is always a cost, but weighing your options and finding what works for you is always best. With advisors, just make sure it is a fiduciary advisor – not someone selling you a bunch of products.
This is the way @@Jazzwealth
Can you start to roll over
401k before you retire from that company ?? Ty
Fidelity has 4 indexed mutual funds with no expense ratio
@@bradschmittling8118- you can roll your 401k into a self-directed traditional IRA at any time with no tax penalty. It is accomplished by selling whatever investments you have in the 401k and rolling that cash into your IRA. Then you can invest your IRA cash however you see fit.
I have to equally pull from all funds. If I roll over to 2 Or different IRA and put stocks into one and bonds ect into a separate one cud I just draw from one or the other not from both?
Hi, where would you invest 8 k for 5 years while adding 9 k per year during that 5 year period Thanks
Having multiple sources of retirement income is key!
For rule of 55, i understand it that you need to be 55 or older. You said you need to turn 55 in the year you retire…not 54. What about 56, 57, 58… Could this be dependent on specific plans.
Yes, you can be older than 55. This is covered in the rule of 55. The specifics of withdrawals are different between plans.
The key is expenses. Low expenses, low amount needed for retirement. I have only averaged $50,000 a year over the last three years. Home paid off and no debts.This is less than 1% of my portfolio. Did all major work to my home back in 2020, new roof, siding, paint, along with renovating the bathrooms. Can get a fully subsidized ACA plan, keep my AGI in the 12% bracket and still live the life I currently do as a successful business owner. Just gotta keep that “Just one more year” voice out of my head. Retirement date, May 30th 2024.
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