Lifestyle

Tip of the Week: How to Access your 401K or IRA Without Penalty by Financial Expert Steve Sexton

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The San Diego Entertainer’s own financial expert, Steve Sexton, provides the Channel 6 San Diego Living show with a financial tip every Tuesday. We are thankful to be able to share his financial expertise with our readers in the youtube clip below.

Last week on San Diego Living, Steve Sexton talked about accessing your 401K or IRA without the 10% tax penalty when preparing for retirement.  Sexton said over the past 2 months his office has received a high volume of calls about this subject so he wanted to inform San Diego that there is a way!

According to Tax Code 72(t), also called the “Equal Payment Exemption”, a soon-retiree can schedule equal payments to be taken out, 5 years before the age of 59 1/2, and not get stuck with the 10% tax penalty.

Sexton advises those who fall in this age bracket to determine how much annual income they will need to live on each year and not forget to account for inflation costs when figuring.  Once the distributions are scheduled, the soon-retiree will only need to readjust the distribution amount once they reach the 59 1/2 age mark.

Be sure to watch Steve Sexton below as he shares in detail how you too can take advantage of the Equal Payment Exemption as you or your loved one prepares to retire.

Steve Sexton is a financial expert who personalizes each individual’s financial plan on their unique circumstances and goals. He has over 15 years experience in the financial services industry and holds multiple licenses and designations including being a Better Business Bureau member and a National Ethics Bureau Member.

If you would like to learn more about securing your financial wealth and freedom, planning for your retirement or to reserve a spot in one of Sexton’s free financial workshops you can visit www.sextonadvisorygroup.com. Or you can reach the Sexton Advisory Group by contacting Steve Sexton at steve@sextonadvisorygroup.com or by calling 951-695-8810.

Don’t forget to watch Steve Sexton on the Channel 6 San Diego Living every Tuesday for more financial tips!

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