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May 1, 2025 53 mins
Taking money out of your retirement accounts before age 59 ½ usually triggers a 10% early withdrawal penalty – but what if life gives you no choice?In this episode retirement experts Tom Mosley and Kristin Oakley walk you through the real-life situations where early withdrawals from your IRA, 401K, 403(b), and other “4-plans” may be penalty-free. From medical emergencies to disaster relief, discover the little-known exceptions that can help you access your retirement funds without getting hit with an extra tax bill.If you’re facing a financial emergency – or just want to be prepared – this episode is a must listen. You’ll learn how to make smarter, penalty-free decisions in tough times, and why having a personalized retirement blueprint can make all the difference. Discover:•Why people withdraw early – and what options they may not know about•Exceptions to the 10% early withdrawal penalty•Why planning ahead can help you avoid regret#IRAWithdrawl #RetirementPlanning #RetirementAccounts #Tom Mosley #EarlyWithdrawalPenalty #RetirementStrategies #401kStrategy Jump to a segment using the 𝘁𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀 𝗯𝗲𝗹𝗼𝘄! 👇TIMESTAMPS00:00 Intro10:11 Real life Reasons people withdraw early14:15 In Service Distribution after 59 ½ 18:55 Overview: Exceptions to the 10% penalty19:40 Death24:12 Disability28:44 Rule of 72(t)32:57 Medical Expenses34:38 IRS Levy35:37 Military Reservists36:10 Birth or Adoption (Take $5,000)36:50 Terminal Illness (life expectancy up to 7 years)40:00 Federally declared disasters (up to $22,000)44:10 Domestic Abuse (up to $10,000 or 50% of account if less than $10,000) 45:30 Emergency expenses (up to $1,000)46:50 Tying it together with your retirement blueprint Have specific questions for Tom and the team at Mosley Wealth Management? Contact us here https://mosleywealthmanagement.com/contact/ ===============================================If you enjoy this content, please 𝐒𝐔𝐁𝐒𝐂𝐑𝐈𝐁𝐄! https://www.youtube.com/channel/UCPMvD3G1cZA1Kz4CKnwynhA?sub_confirmation=1=============================================== ⭐ 𝐂𝐎𝐍𝐍𝐄𝐂𝐓 𝐖𝐈𝐓𝐇 𝐔𝐒 𝐎𝐍 𝐒𝐎𝐂𝐈𝐀𝐋 𝐌𝐄𝐃𝐈𝐀⭐ - Facebook: https://www.facebook.com/mosleyeaseintoretirement- Instagram: https://www.instagram.com/easeintoretirement/- LinkedIn: https://www.linkedin.com/company/mosley-wealth-managementLearn the key components you need to include in your retirement plan. Check this video out: https://youtu.be/QkJzvbZ_gDsDISCLOSURE: Investment advisory services offered by duly registered individuals through Mosley Wealth Management, Inc. (“MWM”). MWM and Mosley Insurance and Financial Services are affiliated companies by common ownership. License # 0K76766 Investing involves risk, including the potential loss of principal. Any references to protection, safety, or lifetime income, generally referred to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength claims paying abilities of the issuing carrier. This content is intended for informational & educational purposes only. It is not intended to be used as the sole basis for financial decisions nor should it be construed as advice designed to meet the needs of an individual situation. All hypothetical examples are provided for illustrative purposes only; they do not represent real life scenarios. Mosley Insurance & Financial Services nor its agents or representatives may not give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any investment decisions. Our firm is not affiliated with or endorsed by the US government or any governmental agency. Some of the information provided may be from one or more third parties which we believe to be reliable sources, but accuracy and completeness cannot be guaranteed by Mosley Insurance & Financial Services.
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