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

Investing, Education, Business

4.7 • 3.1K Ratings

🗓️ 11 August 2017

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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. Learn more about your ad choices. Visit megaphone.fm/adchoices

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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