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IRA withdrawals: what to know - YouTube
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>> TIME NOW FOR A SEGMENT
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BROUGHT TO YOU BY NASA AND
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ASSOCIATES. LIFE IS EXPENSIVE,
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ESPECIALLY NOW THE HOUSING
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MARKET PRICES AS THEY ARE AND
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INFLATION SOARING. SO WHAT IF
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YOU WANT TO PULL FROM YOUR? I
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R A EARLY WHILE HERE WITH SOME
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ADVICE, A CERTIFIED FINANCIAL
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PLANNER, JEFFREY MASSEY. GOOD
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MORNING. WELCOME BACK. GOOD
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MORNING. THANK YOU. IT'S
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ALWAYS A PLEASURE HAVE YOU
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WITH SO 59 AND-A-HALF IS THE
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AGE THAT WE LIKE TO KEEP IN
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MIND. WE'RE TALKING ABOUT THE
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IRAS. THAT'S WHEN WE CAN
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TYPICALLY WITHDRAW FROM THEM.
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BUT AS I JUST MENTIONED,
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>> LIFE SOMETIMES HIT YOU.
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ABSOLUTELY. AND YOU YOU MIGHT
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NEED TO PULL FROM THAT SORT OF
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ACCOUNT. WHAT WE NEED TO KNOW
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IF WE FIND OURSELVES HAVING TO
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PULL FROM THAT, I R A PRIOR TO
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THE AGE OF 59 AND-A-HALF.
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>> WHEN THE IRAS HAVE A
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SPECIAL TAX TREATMENT BECAUSE
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IT ATTACKS THE FIRST HUMAN NOT
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PAY TAXES ON A TRADITIONAL I R
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A RIGHT AND THE IRS ALLOWS YOU
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TO BUILD UP OVER LITERALLY
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DECADES AND THEN PAY TAXES
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DOWN THE ROAD. SO GOOD
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ADVANTAGE. HOWEVER, THEY WANT
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TO MAKE SURE USING THAT FOR
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RETIREMENT. SO THEY THEY
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ATTACH THAT 10% PENALTY. IF
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YOU'RE UNDER 59 AND A HALF,
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HOWEVER, THERE ARE EXCEPTIONS.
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NO, THE FIRST ONE IS DEATH. SO
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THEY FIGURED DEATH IS ENOUGH
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OF A PENALTY THAT THEY DON'T
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NEED TO TAKE 10% YOUR ACCOUNT
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WELL. IT'S ALSO A 10%
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EXCEPTION FOR DISABILITY. NOW
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HAVE ALYSSA'S LIKE 15
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DIFFERENT THINGS. SO I HAVE A
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LIST HERE SHOULD MAKE SURE
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THAT WE WE GET THEM ALL.
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THERE'S SOMETHING CALLED A 72
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T PAYMENT WHICH WILL TALK A
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LITTLE BIT ABOUT IN A MINUTE
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WHERE YOU CAN TAKE EQUAL
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PAYMENTS. BUT THAT IS VERY
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TECHNICAL TEAR MEDICAL
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EXPENSES. HOWEVER, IT HAS TO
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BE GREATER 7 AND A HALF
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PERCENT OF YOUR ADJUSTED GROSS
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INCOME, OK? SO IF YOU SPEND
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$1000 IS PROBABLY NOT GOING TO
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WORK. HOWEVER, IF YOU HAVE A
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LARGE MEDICAL EXPENSE, TAKE
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MONEY OUT OF YOUR MORE THAN 7
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AND A HALF PERCENT OF YOUR
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ADJUSTED GROSS INCOME. THEN
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YOU CAN AVOID THAT
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TEMPERATURE. OF COURSE, IF
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THERE'S AN IRS LEVY, WHICH IS
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GOOD. SO IF YOU'RE YOU, IF
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YOU'RE IN TROUBLE WITH THE IRS
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AND THEY'RE COMING AFTER YOUR
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MONEY, THEY WON'T HIT YOU WITH
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A 10% PENALTY AS WELL, OK? SO
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SO THAT'S MY ACTIVE OR RESERVE
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US CAN TAKE MONEY OUT WITHOUT
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A 10% PENALTY ENCOMPASSES MUCH
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BECAUSE NOW THEY'VE BEEN TAKEN
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FROM THEIR JOB AND THEY'RE ON
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ACTIVE DUTY SO THEY NEED EXTRA
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MONEY TO NOT PENALIZE THE TAKE
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THAT MONEY OUT, WHICH WHICH IS
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A NICE THING TO KNOW. YES,
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ALSO FOR BIRTHS OR EVEN
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ADOPTIONS.
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>> YOU CAN AVOID A 10% THAT
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COULD BECOME COSTLY AND MAYBE
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UNEXPECTED. YOU DON'T REALIZE
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WHAT YOU'RE GETTING YOURSELF
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INTO SOME TIME ESPECIALLY WITH
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ADOPTIONS. YEAH, BECAUSE THOSE
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THOSE CAN RUN MUCH HIGHER.
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NOW, THERE ARE SOME EXCEPTIONS
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JUST FOR IRAS VERSUS
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RETIREMENT PLANS. SO THERE IS
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A HIGHER EDUCATION EXPENSE. SO
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IF YOU USE YOUR MONEY FOR
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HIGHER EDUCATION EXPENSES, YOU
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CAN AVOID THE 10% PENALTY.
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GREAT.
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>> HE'S IN THE PORT. IT'S THE
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ACCOUNT HOLDER. THEIR SPOUSE,
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THEIR CHILDREN OR EVEN
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GRANDCHILDREN. WOW, I'M NOT
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READY FOR A FEW BETWEEN
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BECAUSE UNDER 59 AND A HALF
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WITH A GRANDCHILD. YEAH. GOING
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TO COLLEGE. MAY NOT FIT FOR A
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LOT OF PEOPLE
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>> ALSO, IF YOU'RE UNEMPLOYED
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AND LOT OF PEOPLE HAVE BEEN
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BECOME UNEMPLOYED, IF YOU PAY
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YOUR HEALTH INSURANCE WITH
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MONEY FROM THE I R YOU CAN
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AVOID THE 10% PENALTY. GREAT
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TONIGHT. AND THEN FROM THE THE
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PLANT SIDE AGE, 55 EXCEPTION.
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OKAY. WHICH IS A REALLY GOOD.
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WE CAN TALK A LITTLE BIT MORE
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ABOUT THAT. IF YOU HAVE TIME
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AGE 50 FOR PUBLIC SAFETY
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EMPLOYEES, FIREFIGHTERS,
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POLICE, ETCETERA, AND THEN IF
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THERE'S A QUADRO, WHICH IS A
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QUALIFIED DOMESTIC RELATIONS
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ORDER, PEOPLE GET DIVORCE. IF
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THEY HAVE TO SPLIT THE
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ACCOUNT, THERE'S NO PENALTY TO
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DO THAT. TO PUT IT IN THE NAME
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OF THE SPOUSE. I HATE ACCEPT
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BECAUSE WE UNFORTUNATELY ARE
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OUT OF TIME. BUT YOU BROUGHT
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UP SO MANY GREAT POINT. SO
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MANY INTERESTING LATE LIFE
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EVENTS. MAYBE SOME FOLKS OUT
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THERE ARE CONTEMPLATING RIGHT
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NOW. THEY'RE NOT SURE HOW
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THEY'RE GOING TO BE HANDLING
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ONE OF THOSE.
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>> SO GO TO YOUR GO TO YOUR
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WEB SITE, GOING GET LEAST TALK
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TO HIM. HE'S GOING TO TALK YOU
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THROUGH EACH OF THOSE 15 HERE,
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FORCING INTO MASSIVE MONEY DOT
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COM THROUGH THE ROADSHOW
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WEBSITE. YEAH, OK, PERFECT.
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JEFF, THANKS SO MUCH. THE
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