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8:40 are there penalties or taxes for pulling out the inheritance money though?
Tax, but no penalty. This is the one reason why a spouse may choose to treat their spouses retirement account as an “inherited account” and not take it as their own - if they need access to the money before age 59 1/2.
KFC - Kentucky Fried Chicken but its KFG instead
We might be inheriting 200k+ and want to grow it and we do not trust anything or anyone.
8:40 are there penalties or taxes for pulling out the inheritance money though?
Tax, but no penalty. This is the one reason why a spouse may choose to treat their spouses retirement account as an “inherited account” and not take it as their own - if they need access to the money before age 59 1/2.
KFC - Kentucky Fried Chicken but its KFG instead
We might be inheriting 200k+ and want to grow it and we do not trust anything or anyone.