• Getting Emergency Money From Your 401k, #238

  • Jan 28 2025
  • Length: 9 mins
  • Podcast

Getting Emergency Money From Your 401k, #238

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  • Summary

  • In an ideal world, everyone should aim to keep 3–6 months of living expenses in an emergency fund. But let’s face it—building that kind of safety net isn’t always easy. For many pre-retirees, most savings are tied up in retirement accounts, leaving limited options for unexpected expenses.

    So, what can you do if an emergency arises? In today’s episode, I’ll walk you through how to access emergency funds from your 401(k) and explore strategies to help you stay prepared for life’s unexpected challenges.

    You will want to hear this episode if you are interested in...
    • [0:53] Do you have an emergency fund?
    • [1:35] Why you should hire a financial advisor
    • [2:38] The new IRS rule allowing withdrawals
    • [3:59] The requirements for withdrawal
    • [4:32] What are the drawbacks?
    • [5:08] Why you should build your emergency fund
    Resources Mentioned
    • Retirement Readiness Review
    • Subscribe to the Retire with Ryan YouTube Channel
    • Download my entire book for FREE
    Connect With Morrissey Wealth Management

    www.MorrisseyWealthManagement.com/contact

    Subscribe to Retire With Ryan
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