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Video instructions and help with filling out and completing Where Form 8815 Withdrawal

Instructions and Help about Where Form 8815 Withdrawal

Here's a go 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 is 401k withdrawals after the age of 60. Now, essentially, how an individual's situation works is a person is working for a company, most likely a private institution, that is giving them different employee benefits. These benefits include health insurance, disability insurance, ancillary products, and a benefits package known as a 401k. A 401k is a type of retirement account that somebody can contribute to. As an individual is working for this company, they are being paid a salary. They can take a portion of their salary and place it into their 401k retirement account. This helps them save, as the money is taken directly out of their paycheck and not in their bank account. It is an out of sight, out of mind concept. Throughout the years of working, let's say starting at age 30 and now being age 60, this person would have been placing small amounts into their 401k account. The growth of this account depends on how much they contribute and the percentage rate associated with it. If the retirement account is placed into a fixed account with a 1% interest rate, the amount of money placed into the plan and the percentage rate will grow the account year by year. This growth is important because individuals are looking to take risks and maximize their returns. The percentage rate is linked to mutual funds offered by the 401k plan provider. Individuals can choose from various mutual fund options based on their risk tolerance. For example, if someone is placing $10,000 a year into their plan and the percentage rate has a positive rate of return, let's say 10%, it will show as if...