6 Ways to Access Retirement Funds Early
Stay Wealthy Retirement Podcast
Taylor Schulte, CFP®
4.7 • 678 Ratings
🗓️ 29 June 2021
⏱️ 21 minutes
🧾️ Download transcript
Summary
Today, guest host Jeremy Schneider talks about retirement accounts.
Specifically, he shares why having all of your money locked up in them is a problem + how to access your funds early.
He also answers a listener question about where to prioritize investing in a 403(b).
If you invest in any type of retirement account (e.g., IRA, 401k, etc.), you don't want to miss his VERY last episode.
👉 Click here to access show notes for this episode (Including a unique Stay Wealthy discount code for Jeremy's investing course!)
Transcript
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| 0:00.0 | Welcome to the Stay Wealthy podcast with Taylor Schulte once again and for the last time this year. |
| 0:08.1 | This is not Taylor Schulte. |
| 0:09.5 | My name is Jeremy Schneider. |
| 0:11.0 | I'm guest hosting for Taylor just for the month of June, giving him a break as he is, I assume, with his young newborn child. |
| 0:17.6 | I'm actually recording this episode at the end of May. |
| 0:20.1 | But Taylor should be just finishing up his month of paternity leave as he is helping his wife and his other two children get on their way with their new, now much larger family, not much larger. The baby probably wasn't that big if I'm guessing. I'm going to say eight pounds. I got eight pounds in the pool. But yeah, that's what Taylor is. And he'll actually be back next episode in the beginning of July. |
| 0:38.7 | You can find the show notes and links for this episode at you staywealthy.com slash |
| 0:42.7 | 115. |
| 0:47.7 | So I talk a lot about investing. |
| 0:49.9 | I have a popular Instagram at Personal Finance Club. |
| 0:52.9 | And one of my most popular posts is a very simple investing checklist that basically lists |
| 0:58.5 | all the accounts that I basically suggest investing in and the order in which you prioritize |
| 1:04.4 | those accounts. |
| 1:05.5 | This basically applies to pretty much typical employees. |
| 1:08.3 | If you're self-employed or you're a business owner, your list would be a little bit |
| 1:10.7 | different. But if you're a regular employee with a 401k or a 403B, your list basically looks like this. The first priority is to invest in your 401k or your 4-03B or your other employer-sponsored retirement plan up to the employer match. If your employer is giving you some money, you always take advantage that first. |
| 1:27.8 | The second step is actually, if you're going by the tax advantage, it's actually the HSA, |
| 1:32.3 | the health savings account, which offers a triple tax benefit that actually no other |
| 1:36.2 | retirement plan offers. Money goes in tax-free. Money is tax deferred as it grows. And actually |
| 1:41.9 | spending from that account is also tax-free, |
| 1:44.8 | assuming it's on a qualified medical expense. You can only have that account if you do have a |
| 1:49.5 | qualified medical plan, a high deductible health plan. That's HSA compatible. If it doesn't apply |
... |
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