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Ep. 75 Taking Money out of your Retirement Account Can Destroy Your Financial Life
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Ep. 75 Taking Money out of your Retirement Account Can Destroy Your Financial Life
In a podcast by Sean Moran, a financial advisor with Red Barn Financial, discourages people from withdrawing money from their retirement accounts before reaching the age of 59 and a half due to tax penalties and the added tax cost.
The podcast discusses two real-life scenarios where people made such mistakes. In the first scenario, a couple withdrew $700,000 from their retirement account to buy a vacation home. This resulted in a 10% penalty and pushed them into a higher tax bracket. In the second scenario, a person gave their ex-spouse $25,000 from their retirement account during a divorce. The speaker explains that there could have been ways to avoid the penalty if the money was transferred directly to the ex-spouse's IRA instead.
Overall, the podcast emphasizes the importance of consulting with a financial advisor before taking any money out of a retirement account. Planning ahead can help you avoid costly mistakes.
In this episode of the Red Barn Financial podcast, I share two different stories of people that have taken money out of their 401(k) or retirement plans.
Cashing out your retirement account is often a terrible idea.
Disclaimer: The information contained herein is not tax, legal or investment advice. Please reach out if you would like to discuss you particular circumstances. If you would like to contact us for our free guide or any other reason, please email smoran@redbarnfinancial.com
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