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Your 401k – How do you use it? What are the 401k withdrawal rules?

Sierens Financial Group 625 views

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I lost over $80k when everything started to tank Not because I was in an exchange that went belly up I was just stupid to hold and because that's what everyone said I'm still responsible It just taught me to be a better investor now that I understand more of what could go wrong It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly Thanks Suzanne
Comment from : @BrandonIvan-c6e

👏🏻 Nice video Thank you
Comment from : @KordTaylor

So when you turn 595 can you take out all of your money? or is it a certain amount you can get every month Also when you have roth 401k are you paying state taxes or just federal?
Comment from : @NosheenKhan-r7z

Im pregnant and will be giving birth in 2 month My job does not pay me for my maternity leave My only option is to take that money out I gotta pay rent, car, car insurance, utility bill, and etc My men help me but it not enough money Idc what people say I rather take that money out them to starve myself
Comment from : @ruthjaquez3844

U cant use your money the way you want too, I end paying last year 7,0000next year probably 50000 IRS I USED IT AND STILL USING IT,, I WILL DIE ONE DAY I TRAVEL NOW
Comment from : @CarmenGarcia-bu3so

Get to the point dude
Comment from : @cjmountian367

I wish you also talked about what sort of taxes one would pay on contributions vs earnings Do both get treated the same as ordinary income?
Comment from : @bobby350z

Beware, regarding the rule of 55 Rolling your 401k over to an IRA after leaving your company will cause you to lose the benefit of withdrawing your funds under the rule of 55 since this only applies to a 401k and not an IRA
Comment from : @WesProphecy2032

You didn't mention anything about federal taxes
Comment from : @thefreemoguy

I'm 59 1/2 Retired I have an old 401K from a previous employer I talked with someone at the 401K company and she told me that I cannot get monthly payments until I am at least 60 without a penalty She said that I could only make a withdrawal without penalty, but not receive a regular monthly check
Comment from : @senorwonderful

your very knowledgeable i wish you can do mine for me lmao i just need money and have no clue if i can make myself go indebt
Comment from : @anthony7440

401k's were never meant to be a replacement for traditional pensions Obviously the majority of people need all three 1 Pension 2 401k 3 Social Security full 🛑
Comment from : @prematureoptimism7125

how about 457 b
Comment from : @maxjoey197

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money I started investing with $150k and in the first 2 months, my portfolio was reading $274,800 Crazy right!, I decided to reinvest my profit and get more interesting For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family
Comment from : @Lourd-Bab

How much you have to withdraw from 491K at 72
Comment from : @JY35509

One thing never mentioned in regards to 401k to IRA rollover is that 401k may be protected against creditors and IRA may be fair game in a lawsuit Also, 401k may have lower fees than a managed account
Comment from : @ghboiid

Only mistake you made is when you were talking about rule of 55 That is not an employerbrrule It is an IRS rule I know this because I took advantage of this and did this and when I told my employer that I was going to do this and take advantage this rule they said I’m sorry you can’t do it we don’t participate in it I had to inform them that this is an IRS rule not their rule, and so I retired early I did not do it at 55 I did it at 56 But nonetheless, this is an IRS rule so anybody who’s got a 401(k) can take advantage of rule of 55 retire from the company make withdrawals from your 401(k) and not have to pay the 10 penalty Starting at age 55
Comment from : @michaelmcdonnell1172

You never answered the question, when you retire how do you get your money out and what is the tax on it when you retire and want to use your funds?
Comment from : @raythompson6151

Great video Thank you!!
Comment from : @worldpeace8187

0:55 — well, for the record, there are iRoth/i 401Ks too, but…
Comment from : @mr88cet

Thank you for the information Can you please talk about how children inherit deceased parents 401k and bank account cash? Do children file 8606 to take out all money from deceased parents? Is there any way to roll it over to their own account? TIA!
Comment from : @Team8LA

my Girlfriend took out money out of her 401k 3x is that bad? because she wanted to use it for vacation
Comment from : @leevang9087

I withdrawal 2500 for medical billsI used 1800 for medical billsI thought that I would need more will I get in trouble for miscalculating the amount needed?
Comment from : @blessedbeauty5411

Who can I talk to about this subject in person?
Comment from : @stevensmith1057

Hey, I got a 1k withdraw about 3 months ago My truck broke down now I need another withdraw can I still get it? Is there a limit? I'm still work and I'm 30
Comment from : @TexasASF

Hi sir according to my husband he got his 401k before when he is 53 And after a year he lost his job and until now he is 58 living here in the Philippines with mei am worried of his health and im the one working or making moneyDoe he still able to get his retirement at the age of 62?its helps if he have for his medicationthank u
Comment from : @janeroldvlogs2890

While your 401(k) account will likely continue to grow after you stop contributing to it, that growth will be limited by the market, your plan’s balance and other factors, so i can perceive the preference for IRA, I still want to know how best to compound at least $2m in retirement savings
Comment from : @velayuthman

I am trying to do an investment property I want to use my 401k What is the way to use it
Comment from : @ashleymartin3752

How many times can you withdrawal from youre 401k facing a lot of medical problems 😢
Comment from : @Ivaniesto

I’m still working what is the con or pro to take some cash out besides of course the fund gets laser
Comment from : @yolandamendoza732

Imagine Joe biden is 150 years old who does not need a 401k he's got "Hunter 411k"
Comment from : @Charly6-4

I’m 25 and been denied my 401k I wrote a letter asking for withdrawal since I been let go but got denied I am currently writing a letter of apeal but how is it legal for someone to tell people they can’t withdrawal there money in a time of need Looking for some insight
Comment from : @eyedontnoo

A 30k & 6k car loan with 100k in savings certainly isn't debt by any standards! They're factually in great shape compared to tens of millions! Probably paying $400 hundred and $120 per month per vehicle
Comment from : @randymullins3555

Does it matter if it’s a closed 401k account?
Comment from : @Jrig24

Hello, question When one reaches retirement age and starts to withdraw from 401K, does the financial company take out the tax or do you simply report what you withdraw on your yearly tax return? thank you
Comment from : @jimcastillo8950

Can we with draw money from 401k for Education as hardship If yes, will i get penalty or taxes
Comment from : @RajendraPrasad-hi5on

I have 401k with my employer I got laid off and I am 55 year old Company is giving me 6 month of severance pay (paid Bi-weekly) Am I able to utilize the rule of 55 now or do I have to wait for 6 months (after my severance pay ends)?
Comment from : @damis2372

What is the number I can call to get some money out of my Oregon safe account
Comment from : @Teresa-n1g

The 401k is good, because retirement choices determine a lot of things My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k My mom retired with about 42 million, but my dad retired with roughly 18 million So it really does
Comment from : @kaylawood9053

Well that was a waste of time
Comment from : @peterinbohol

Please comment on self-directed IRAs
Comment from : @Samtasticlife37

I have a 457 that just placed in a fix account making 35 percent interest but I’m 58 year old retired I make 45 thousand a year from my pension Should I, when turn 591/2 put them in a IRA?
Comment from : @jorgerojas1576

Maybe someone can help My fiance is currently struggling with health and she is in n out of work so money income is inconsistent She has a current car loan that she has been trying to get out of but shes way upside down on the loan My last resort was to withdraw some money from my 401 and help pay the difference to get rid of her 500$ monthly payments We are in our early 30’s Any thoughts on how that would work?
Comment from : @DFDubsports

Get get to each otheor
Comment from : @dodvi-pr4zq

Dang I'm Way behind, I'm 38 with zero credit and never had a credit cardI'd say I have a fresh start 👀, Others say I'm ?
Comment from : @pillbertdidit

I withdrew a lot and paid my loan on 401k that’s because I am earning more this year I have been investing while working at the same time I invested through TERESA JENSEN WHITE, same woman that an anchor ‘jim cramer’ kept mentioning on CNBC, and made multiple of my start up capital within three months She lives here in the USA and she is licensed
Comment from : @omikandre8912

Thanks!!
Comment from : @VenusLover17

Brandon changed the RMD rules for retirement accounts that goes into effect in 2028 Now retirement accounts are capped and one has to take an RMD no matter what your age if your account is "too big" This is in the Biden Build back better plan part 1 written by Senator Wyden (Oregon) and Congressman Neal Taxachuusettes I flippin live in Texas and did not vote for any of these people or for their changes Thanks Oregon and Mass and Brandon They need the cash for all of Congress wasted spending
Comment from : @cerbico12

So I'm 59 and a half just barely, but lawyer friend said I need to wait another month for some reason Please let me know if this is true
Comment from : @josephcarioggia9506

What is the maximum amount of money I can contribute to my 401k every year ?
Comment from : @SilverHonda0767

I wish you would go right to what 90* of withdrawers need to know What is my minimum amount and I never heard this
Comment from : @markseifried3959

Can i get my money back if i quit?
Comment from : @saraparkins6459

Thanks
Comment from : @prettynatural1973

you dont touch it
Comment from : @stevenbergeron3659

they take it out of your check
Comment from : @stevenbergeron3659

Wall street is getting all my 401k and there will be nothing left when I go to try and get it I hate 401k and it's just a way businesses pay less to employees There will be nothing left I am giving my money away and I have no control over it People who dump all their money into 401k are just going to loose it Look up the word depression because it's happening and it's going to last quite a long time
Comment from : @joesepspindel3335

Excellent— everything I wanted to know, BUT wasn’t told by my 401(k) servicer!
Comment from : @markswanson1564

I took money out of mine to pay bills ! I payed taxes! Will I also have to pay Ohio State Taxes? I had her take some anyways just incase! I am 64 ! Any help please ? Ty for the video !
Comment from : @sherrid5315

IRS Rule of 55 worked great for me with no penalty
Comment from : @teams3345

Thank you great vídeo Can you please go into how much a person should take out a year to keep them from paying a lot of taxes
Comment from : @MariaHernandez-wb6cf

Well I'm wanting to withdraw from my 401k shitI need my $$$ now!!
Comment from : @michellec4994

Damn 401k sounds so terrible smfh
Comment from : @HoodSkilz

Thanks!
Comment from : @Hek87

All these rules on ur money plus you might not even live that long… invest ppl
Comment from : @mogtopshotta

So how much will they deduct from your 401 at the age of 595 is it 20 ?brWhen I called they told me I would pay 20 up front as tax with out penalty and my tax bracket or income bracket of course will go higher so I will get taxed again Whew !
Comment from : @notnelc8quil863

My dad left my mom shortly after turning 59 already had number 2 waiting apparently and bought a new home all in the same year and now I know why damnnn
Comment from : @geminithugbaby473

with alot of us getting hit with financial problems , waiting for 55 or even 59 is sometimes very hard its crazy right now for some of us! this cov 19 is a financial disaster designed by the market
Comment from : @proudtobe9932

anybody under 30 years of age should stay the hell away from this 401K thing
Comment from : @ChikyDRACULA

How do you think about personal spending? Being 70 and having lived through mowing grass, painting houses, pumping gas, paying for college, 4 kids, a divorce, layoffs, downsized, Obamacare
Comment from : @sixty9harleyPittsburghPAP

NEVER NEVER NEVER EVER START A 401K NEVVVVVVVVVVVEEEEEEEEEEERRRRRRRRRRR
Comment from : @juliocaz8059

What do you know about 403b?
Comment from : @rhondacab5

The retirement age is always going up Save save save they tell you The fact is you can’t take money to the grave Live for today and tomorrow Save a little vacation a little
Comment from : @Ww83

👍
Comment from : @rain7096

What is roth 401k?
Comment from : @retiringsoon

Judging from the title of this clip I had hoped of gleaming some information I wanted answers to Did I miss something, I'm not catching the part about the process of removing money from your 401k for use What taxes to expect, are taxes withheld and what is the process? Thanks, I guess
Comment from : @Scroticus_Maximus

I am 74 yrs old, I want to withdraw all of my 401k and purchase a tiny house Do I still have to pay 25 percent in taxes?
Comment from : @jadestone8552

Jumbo jambo No clear message
Comment from : @davephamus

Hello , have a question for u how can I get my share of my ex husbands 401k we are divorced he retired from ups after 38 years there and as for me I out 30 years of marriage and I wasn't awarded his 401k I think it's not fare I helped him to accomplish his goals in this retirement so need help to get it , thank you Asp
Comment from : @maricelamoreno7099

Got a 401k and a 457 Using my 457 for home purchase no penalty paying myself back with 4interest
Comment from : @Bear_83

What about to withdraw all of it while I am working in the company?
Comment from : @ethiointercept3014

Great stuff I watch several youtube videos on how to trade in the stock market but haven't made any headstart because they are either talking some gibberish or sharing their story of how they made it and I do not want to make mistakes by taking risks in my own hands
Comment from : @shellywhite2145

How does one obtain quality, affordable health insurance when you're not old enough to sign on for Medicare?
Comment from : @HummerLove

I'm 57 and wore out from working at Costco I've got over 1 million in stock Should I quit my job, pay off my home and live cheap till 62? I've got no debt other than 70k in mortgage And have the VA for medical Smart guys please help w advice
Comment from : @maddmatt9239

I am 60 years old, my wife became disabled and is in a hospital in Brazil, i need to withdraw my savings of my 401k at Fidelity, but i need the wife signature, she is not able to do it, i need help , asap! Please!!
Comment from : @duartejose93