What You Need to Know About Using Retirement Funds Early

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Retirement, Moneyadvice, Investing, Savingmoney, Personalfinance, Business

4.6 • 2.8K Ratings

🗓️ 11 August 2017

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

what you need to know about accessing your retirement funds early

If you ever wondered what would happen if you dipped into your retirement savings before turning fifty-nine and half years old, this episode is for you. This is a cautionary tale about when it *might* make sense to withdraw retirement funds before you retire.

Transcript

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0:00.0	Today's episode is a cautionary tale.
0:02.8	We're going to tell you all the ways to access your retirement accounts
0:07.1	before you actually reach retirement.
0:09.6	Tune in to today's MoneyGuy Show.
0:11.4	It's Brian Preston, the Money Guy,
0:14.4	restoring order to your financial chaos,
0:17.4	retirement, investing, taxing.
0:20.2	You've got financial questions, he's got financial answers.
0:23.8	It's Brian Preston, the Money Guy.
0:27.2	So, Bo, we went to a retirement meeting.
0:29.2	We might even have mentioned this in the last show in Indiana.
0:33.2	One of the things we had to determine for this meeting
0:36.4	is that there was an opportunity presented to the employees
0:38.8	where they either need to roll assets into the 401k,
0:43.6	or take a distribution, pay taxes, or roll it into an IRA.
0:49.1	That's right.
0:49.9	It got us thinking about all the different ways
0:52.1	that you should or could access retirement assets
0:56.0	before you actually reach 59.5.
0:58.0	As soon as I hear you say that,
0:59.6	the hair on my arm starts to stand up,
1:03.1	because Brian, I feel like I've listened to you a lot over the years.
	...

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