Should You Take Advantage of the 401(k) No-Penalty Withdrawals Due to COVID-19?

In the last month, Doug Andrew has been asked by his YouTube channel viewers whether they should take advantage of the 401(k) no-penalty withdrawals that are allowed under the COVID-19 stimulus rules. In today’s broadcast, Doug will address this question in depth.

This is a unique opportunity for those who have their savings in a 401(k) or other tax-deferred savings vehicle. What many of these folks don’t yet realize is that they are in for a shock upon reaching retirement because the advantages of tax-deferred savings are outweighed by other, less desirable consequences.

Many of them will discover, the hard way, they are aren’t in a lower tax bracket when they retire. Doug spells out why that has not been true for more than 25 years now as well as what they can do to improve their situation.

HERE’S A SNAPSHOT OF JUST SOME OF THE SUBJECTS DOUG COVERS IN THIS EPISODE:

  • Why do so many people get duped into putting their money into tax-deferred accounts like 401(k)s and IRAs? Doug explains how tax-deferred saving is like going down the highway with one foot on the gas and one on the brake.
  • What happens to the deductions that so many people are counting on to keep them in a low tax bracket at retirement? Learn how we unwittingly rid ourselves of our biggest deductions right before the time we’ll need them most.
  • How will the trillions of dollars being spent on economic stimulus affect your retirement savings? Doug shares the stark reality that higher government spending can only lead to higher future taxes to pay for it.
  • Is there an alternative to deferring or postponing your taxes until you start withdrawing your retirement income? Doug shares his favorite savings vehicles for getting those taxes over and done with and accumulating your money tax-free from then on.
  • Did the recent market crash create an opportunity for those who wish to use a strategic rollout to get their money out of IRAs and 401(k)s and into tax-advantaged savings vehicles? Discover how the time for such a move is when the market has taken a big hit and there’s less in your account to be taxed.
  • What are the Congressional Budget Office and General Accountability Office saying about how much higher taxes might be going? If 33% was enough to raise your eyebrows, you’ll want to have a seat before you hear what the projected numbers are.
  • And much, much moreā€¦

Start by visiting with a IUL Specialist today.

What If You Could Make Your Money Work as Hard as You, Without Additional Risk? Click Here Get Your FREE Copy of The LASER Fund Today….

*Life insurance policies are not investments and, accordingly, should not be purchased as an investment.

Leave a Reply