COVID-19 Rules For No Penalty Withdrawal From Retirement Account

During the time of filming this episode, the COVID-19 pandemic has caused a lot of hardship all around the world. On the bright side, opportunities have sprung out allowing people to recover. Stay tuned as I discuss the opportunity I’m talking about.

Question what are covid 19 rules for no penalty withdrawals from a retirement so, my name is doug andrew and i’ve been a financial strategist, tax now because of the anxiety, the hardships that have been created by the been giving people for years even without a pandemic that motivates people before the age of 59 ½ because there’s generally a 10% penalty on top want to

Consider. when congress first passed the stimulus, the different many people experienced hardships from loss of their job or income. they were said well we can’t afford to bring you on for 2 or 3 months. the original (hello) many times if you have experienced any kind of a hardship, this is an justify withdrawing money out of a 401k or an ira during a pandemic. if you

Have brokerage firm wherever those accounts are and they will make sure you qualify great opportunity to get the taxes over and done with retire. see, most people when they hit retirement, they’re in as higher higher happen. also, with these rules, you can spread out paying the tax let’s talk about the rules in general and why this may make sense for you. so, to allow

More americans to be able to tap into their iras and 401ks without let’s just review these briefly. there’s you have had a difficult time weathering the pandemic, maybe you didn’t actually were about to start a new job or a new position. and they held off on that. access up to $100,000. sometimes people you can access 100,000, here’s why i would do it or at least strongly

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Penalty. see, for years, i’ve been telling put money into iras and 401ks and you get a tax break on this seed money you a lower bracket. that is no longer true or just axiomatic. that’s because trillion dollars in economic stimulus due to that covid 19 pandemic. where are 4 trillion bucks and they’ve already shelled out an additional 6 trillion. accountability office, the

Congressional budget office says that taxes will be especially if other initiatives that seem to be popular with a lot of or medicare for all is passed. they estimate taxes will go up to 60 or any opportunity to get the taxes over and done with sooner than later.” now, the reinvest the net after tax monies into something that’s going to be tax-free that’s when i explain my

Favorite vehicle that has been grandfathered in accumulate money totally tax-free. and then be able to access the money it blossoms in value instantly and transfers income tax-free. i’m not affectionately call this account the laser fund. laser is an acronym that for opportunities even before age 59 ½ like this one where you can move sooner than later rather than continuing

To compound the problem, delay the after-tax money into something that’s going to be tax-free from now on. the away, reimbursing you many fold what you penalty withdrawal, it’s deeper than just to come up with some money to help you 100,000 without a ten percent penalty, hello!? i would rather get the comes together. so, many people who have done this even after age 59 ½

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Them “you want to do a strategic rollout.” and defer until you’re 70 ½. used to be the old rule. now it’s age 72, those iras and 401ks based upon the government’s life expectancy formula. so, out at least one twentieth of your ira or 401k accounts or you will have to pay 50,000 bucks and you don’t, the penalty is $25,000 on top of the tax. and so see partner on these iras

And 401ks. and it’s portion. they want that money out and taxed before you die and if you die. and spouse uses it. it used to be you stretch it out to your kids and they or 401k, they must get it out and taxed within 10 years after they inherit it. telling you to take rmds, beware. that’s required minimum distributions. that showed people the darkness of the night so to

Speak. if they continued to throughout their life expectancy and their spouses, how much they would pay in would show them a strategic rollout. there’s not a roll over. roll over is rolling it over into an ira continuing to delay the inevitable. the taxes over and done with. then reposition the after-tax monies into many times i help people offset the tax that was due by

Resurrecting new properties or whatever. that’s a whole other subject. but many times, i have quarter of a million dollars of unnecessary tax. another couple, i’m saved them 1.2 million of unnecessary tax by doing a strategic roll-out. so, the most people have. but you would talk to your advisor about that, the custodian taxes over and done with over a 3-year period” which

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Usually saves you’re saving that. your current tax bracket is likely to the lowest bracket tax-free from now on. let me show you what you can read to be able to learn mentioned, i’ve written 11 books and my 11th one most recent is called the laser your money. but when you access your money is tax-free. and when you ulitimately i have been able to earn returns between 8 to

10 percent consistently for the last 45 years. you’ll learn in here how every million bucks can generate up to this side of the book is 14 chapters and containing charts graphs and about 62 actual clients stories and 12 different chapters of how the laser fund companies and businesses. if you would like a free copy, i’ll buy the book. you handling. and i’ll send the book

Out to you. you’ll see other options where you that’s what i would recommend so that you can become in power to know what’s

Transcribed from video
COVID-19 Rules For No Penalty Withdrawal From Retirement Account By Doug Andrew – 3 Dimensional Wealth