It's widely considered prudent financial management to leave retirement money alone. You should never be using those dollars until you actually reach retirement. After all, it's why you saved the money in the first place.
But sometimes reality gets in the way. We may encounter many reasons in life to withdraw money from our retirement accounts before we reach retirement. And if you ever get to this point, it can be confusing trying to figure out what options are available to you.
In this episode, Derek talks about the different avenues you can explore when trying to determine the best way to take an early withdraw from a retirement account, like a 401(k).
In this episode Derek talks about:
- In-Service Withdraws - Taking a 401(k) loan - Rule of 55 - 10% early withdraw penalty exceptions - Much more!