Where Form 8815 Withdrawal 2022-2023

Instructions and Help about Where Form 8815 Withdrawal

Here's ago number one my name is derek ifasi I'm the owner of a foxy Financial Group and retiresharp.com today's topic I want to discuss with you 401k withdrawals after the age of 60 now essentially how an individual situation works is a person is working for a company most likely a private institution that is giving them different employee benefits so such as their health insurance disability insurance ancillary products and then also a benefits package that's known as a 401k a type of retirement account that somebody could contribute into so as an individual is working for this company they are paying this individual a salary and now this person can take a portion of those dollars and place it into this type of retirement account that's deemed the 401k so the reason why somebody does this is because it kind of forces them to save it says ok well we're going to take this directly out of your paycheck so it's as if it was never hitting your bank account so you're not it's kind of out of sight out of mind type concept so throughout the years of this person's working you know 5 10 15 20 30 years let's say you start at age 30 and now he's age 60 he would have been placing these small micro amounts into his 401k plan dependent on how much he was placing in there he or she was placing in there and it's going into this retirement account so in theory if this retirement account is 401k account is placed into a fixed account let's say that's only paying 1% the amount of dollars that are being placed into that plan and this percentage rate being placed into this plan are going to grow this bucket year...