Is It True I Can Take $1000 Out of My 401k Without A Penalty? (#302)

Financial Advisors Say The Darndest Things by A.B. Ridgeway, CPWA®️, MBA

07:29
Episode notes

In this enlightening episode of "Financial Advisors Save the Darndest Things," A.B. Ridgeway delves into the complex topic of accessing funds from retirement accounts during emergencies. As life throws unexpected financial challenges, many people consider tapping into their 401ks and IRAs. This episode explores the implications of the Secure Act 2.0, which permits limited withdrawals without penalties, and offers strategic alternatives to protect long-term savings.

Key Takeaways:

  1. The Impact of the Secure Act 2.0: The Secure Act 2.0 allows individuals to withdraw up to $1,000 from retirement accounts for emergencies without facing early withdrawal penalties. However, it is essential to note that this withdrawal still incurs income taxes unless repaid. The Act also restricts these withdrawals to o ... 
  ...  Read more
Keywords
401k401k fidelity investments401k retirement billshould i invest in my companys 401kWhat are the IRA, Roth IRA, 401k, 403b, 457 and Thrift Savings Plan Contribution Limits for 2024secure act 2.0