Posted on Apr 13, 2017
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Vested? I already have a shirt and a tie!
What You Need to Know About Your 401(k) - ClearanceJobs
Posted from news.clearancejobs.com
Transition
Finance
Money
Retirement
Posted >1 y ago
Responses: 4
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And honestly you can spend your 401k without penalty at any time under some IRS restrictions. You do not have to wait for retirement. See guidiant financial on that. Its complicated but can be done if you want to start a small business and your 401k has a surplus of funds. Not a lot fall into that category but some do.
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LTC Jay Hicks
Erich, I appreciate the insight!
Here is a document on the exceptions to taxes on early distributions for 401k and IRAs from the IRS; if anyone desires to learn more.
https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distributions
http://www.gr8transitions4u.com
Here is a document on the exceptions to taxes on early distributions for 401k and IRAs from the IRS; if anyone desires to learn more.
https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distributions
http://www.gr8transitions4u.com
Retirement Topics - Exceptions to Tax on Early Distributions
Generally, the amounts an individual withdraws from an IRA or retirement plan before reaching age 59 are called ”early” or ”premature” distributions. Individuals must pay an additional 10% early withdrawal tax unless an exception applies.
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SPC Erich Guenther
LTC Jay Hicks - Actually the Guidiant Financial Way is you form a C-Corp and transfer your 401k over to it and you become a 401k administrator (with Guidiant providing a life of term consultant to handle paperwork) that invests your own 401k funds in your new business venture as a investment. At business close down if you have money left over you can transfer the 401k funds back up to the amount you pulled out. It's all legal and I did it myself. Very few people know about it though. There are some restrictions on use of the 401k funds for investing in your own business, first and foremost is the money cannot be used to enrich yourself (lavish vacations, home rehab, etc) it is strictly an investment in your business. Second, you cannot pay yourself a salary from your 401k funds any salary had to come from business profits. The nice thing about it is you can start your own business with 401k money and start a business debt free. Which is a huge advantage to start a business debt free if you have a decent business plan.
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LTC. You also need to hope your company uses the best 401k firm. Also some companies 401k is tied up in the company's stock. My only complaint is that my company didn't start the 401k soon enough.
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