Retire at 55 with $1,000,000 And Use Your 401k For Retirement Income (No 10% penalty)!
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- Опубліковано 1 чер 2024
- Retire Early at 55 with $1,000,000 And Use Your 401k For Retirement Income (No 10% penalty)!
Are you someone who dreams of retiring early and living a comfortable life with $1,000,000 in retirement savings? If yes, then this video is for you. We understand that early retirement can be a daunting thought for many, but with the right planning and retirement strategies, it can be achieved without worrying about the 10% penalty on your 401k withdrawals.
In this video, we will discuss how you can retire early at the age of 55, without having to pay any penalty on your 401k withdrawals for retirement income. We will share some tips and tricks that can help you to retire early, live a stress-free life, and secure your retirement future.
So, if you are someone who wants to retire early and enjoy your life, without any financial and retirement worries, then this video is a must-watch for you.
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Retirement income strategies and retirement income planning are two big pieces to anyones retirement planning calculator. Whether you are wanting to know strategies for "retirement planning at 30", "retirement planning at 40", "retirement planning at 50", or even "retirement planning at 60" understanding how much retirement income that you want versus how much you need gives you a roadmap to follow to and through retirement.
Here at Pearl Wealth Group, we run a trademarked retirement investment and retirement income plan for individuals and families who are wanting to retire called "Your Financial EKG™." What we are trying to visualize is how long a persons retirement savings are going to last throughout retirement. If you are looking for early retirement planning tips or trying to saving for retirement in your 50's, You Financial EKG™ is a great tool to help you understand where you are retirement planning. Retirement planning and retirement income strategies shouldn't be complicated. They should just be done right.
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Pearl Wealth Group
Drew Blackston, CRC® & RFC®
Office: 813-807-5060
Info@pearlwealthgroup.com
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That’s a very good point about possibly needing some kind of paid-for-care in our old age.
Thanks savanah!
My coworker put 30% in his 401k every week from his paycheck. He retired at 53 with a million too
Wow
I am trying to retire at 55 myself. I am hoping for 2 millions saved or invested.
Sweet!
You can retire at whatever age you wang, but the money is not gongna be enough. Ann I dont foresee the inflation is getting better suen. 🎉
Truth
Richard Nixon 1968-1972
Tricky Guy
Very tricky
Should everyone convert to Roth's at some point? I'm 61, retired since I was 43. My prior employers is making me take my 1m 401k that I plan to rollover to my IRA that has another 2m. Should I start doing yearly conversions now to ease RMA shock later? Some say yes, some no, some maybe.....depends... etc
Depending on your tax situation I would do Roth Conversions at least until 2026 when taxes go back up. Then reassess. Hope that helps!
Having 1 million in a 401 k at 55 is hard and means maxing 401k allowance savings for at least 20 years.
Diligence and luck with the market too!
When using the rule of 55 can i withdraw any amount any time i need or does it need to be a fuxed periodic payments like 72T rule
Yes but it depends on your 401k admin as well
Aren't public safety officers allowed to withdraw from retirement savings at 50?
Yes! But for this video, since he was 55, I thought it would apply to more if we talked about the rule of 55. Thanks John!
That Don't work in Miami fl
Very true lennorris Murray
@@yourfinancialekg Easy enough, don't live in a swamp.
I’m 61
We are retired using the rule of 55. Our 401k plan withholds 25% automatically for taxes. We had budgeted using 20% for income taxes. So the 25 % was a bit of a surprise.
Thank you for sharing. That’s interesting!
Love it Rhonda!
That is income tax withholding, it doesn't effect your tax bill. If you over pay you get a refund
@johngill2853 I realize that, but it does affect the month to month budgeting for a person. Planning is key. Knowing all the variables helps.
@@johngill2853 But where does that money sit for a year? They should not withhold anything and the with-drawer pay taxes quarterly.
For some dumb reason, I thought you were going to explain how to setup my 401k to send me my money. I already know how to put money in and where I want it invested and bla bla bla bla....what you can't find good info on is.. how to get it out,,,in an easy, repetitive, monthly manner. Make that video please.
Call your plan admin and they can set up your distribution plan. Need to follow their rules which are different per 401k. Thanks for watching!
@@yourfinancialekg thanks for the response 👍