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Ep #014: How to Take Money Out of Your Qualified Accounts Without Paying a 10% Penalty Thumbnail

Ep #014: How to Take Money Out of Your Qualified Accounts Without Paying a 10% Penalty

Depending on how well you plan in advance, many people can retire from age 50 or even sooner. Maybe you have been maxing out your retirement contributions or maybe you’ve sold your business for a profit. More than likely, you will have a mix of various accounts to pull income from. The question is, which of these accounts should you pull income from to support your lifestyle in retirement while also being tax efficient—and without running out of money? In this episode, Tom will be answering this question and sharing how to take money out of your qualified account without paying the 10% penalty.

Listen in as Tom explains the exceptions that are put in place for those wanting to purchase a home, wanting to apply for higher education, or needing to apply for disability. You will learn why you shouldn’t make financial planning decisions lightly, how to find out your AGI, and the importance of always talking to a financial planning professional.

Listen to the full episode:

What You’ll Learn:

  • How to take money out of your qualified accounts without paying a 10% penalty.
  • If there are tax exemptions for home buying or building.
  • The importance of talking to a professional before making any financial decisions.
  • How to find out your AGI.
  • How to take advantage of the tax code. 
  • The importance of being prepared for unexpected bills and how to do so. 

Ideas Worth Sharing:

  • “Always talk with a professional before making financial decisions and always do your research.” - Tom Poltersdorf   
  • “Life happens and medical bills will come up unexpectedly [so it’s always best to be prepared].” - Tom Poltersdorf   
  • “You don’t want an unexpected tax bill from the IRS. Plan ahead and do your research.” - Tom Poltersdorf   

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