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Retirement planning, tax qualified retirement plans (401(K), IRAs, etc.), mutual funds, insurance used in retirement planning, estate planning (tax planning, transfer of assets, creditor protection).
Comprehensive financial planner, 14 years; Executive Director, Association of Christian Financial Advisors, the nation's largest nonprofit financial planning network. Financial writer and frequent contributor to journalists and media sources.
Association of Christian Financial Advisors (Executive Director), National Association of Insurance and Financial Advisors (NAIFA).
Fox Business News, Yahoo Finance, Yahoo Small Business, BankRate.com, Savingforcollege.com, BoomerPlaces.com, InsuranceQuotes.com, InsuranceQuotes.org, DailyFinance.com, Credit.com, Military.com, VitalAdvice.com, Can Do Finance Online, Credit Sesame, Money & Finance Online, The Fiscal Times, Business Insider, military-advanced-education.com, ExpertBeacon.com
BBA, MAS; Securities licenses, FINRA Series 6, 63, 65, 22
|kirby||04/22/16||10||10||10||Thank you so much for your advice .....|
|Ken||04/24/13||10||10||10||Thanks, Rob. I'll look into the IRA .....|
|Ben||04/04/13||10||10||10||I've had answers before that did not .....|
As you might guess, I would strongly discourage you from tampering with any tax qualified retirement plan. If there is any other way you can access the cash, I'd say it's probably preferable. However,
A reverse mortgage is most certainly NOT a "bad idea," but it may be a bad idea for you. That is simply dependent on your situation and objectives. I would strongly encourage you to consult a properly
The penalties for early distribution of your 401(k) are that you will immediately pay ordinary income tax on the withdrawal amount plus a 10 percent penalty. The only way to avoid these are to roll the
As far as the IRS is concerned, you do not need to withdraw from your 401(k) if you have another account or accounts from which you can withdraw the full amount of your total required minimum distribution