May 25, 2021
In this episode of ‘Inside the Plan with the 401(k)
Brothers’, Bill Bush and Andy Bush, advisors at Horizon
Financial Group answer some of the participants' questions on
Financial / Tax / Retirement Planning from their recent
- 01:30: - Andy and Bush answer the first question which comes
from a participant, “How much tax will I pay when I withdraw from
- 03:30: - They discuss if there is a certain age limit required
- 05:10: - Both the brothers give a detailed answer on query
related to the limit on number of times one can withdraw money from
- 07:55: - “How do I know I am invested in the right things?”
answer Bill and Andy.
- 09:45: - Bill and Andy answer participant’s query related to
depositing money from savings account to 401(k).
- 11:25: - The hosts answer and discuss query on the number of
401(k) plans that one can participate in simultaneously and the
- 13:45: - Bill asks this question from a participant that he’s
still contributing to his employer’s 401(k) plan, but he’d like to
roll over his existing balance to an IRA, can he do that?
- 15:34: - Andy and Bill talk about how one can change the
beneficiary of 401(k) from Spouse to Children.
3 Key Points:
- There are a couple of variables that decide how much tax you
will be able to withdraw and how much money you can leave in your
- You have to remember that whatever amount you withdraw at a
certain age from 401(k), you are going to pay taxes on it.
- As per rule of 55 if you are working and terminate or quit
service from a company and at the same time you turn 55 or older
then you could take the distribution from 401(k).
- “Where can I leave money in my 401(k)?” – Andy Bush
- “The year that you are hitting 72, you’re going to have to take
out a disbursement is called the required minimum distribution and
that is just the minimum.” – Bill Bush
- “I am invested in XYZ fund and ABC fund, is that the right
thing for me? Well what is your time horizon?” – Bill Bush
- “You can participate in multiple plans at the same time, but
there are limits and those limits are that contribution rate for
the year….” - Andy Bush
- Inside The Plan with the 401(k) Brothers --
- Horizon Financial Group -- Website