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Steve's note: We have something special to share with you in DailyWealth. For the next few days, my colleague Dr. David Eifrig will share retirement loopholes most Americans will never hear about.
After a decade on both Wall Street and in the medical community, David has collected secrets like how to get free prescription drugs, where to find 80% discounts on vacations and dinners, and a way to get paid to own the ultimate store of wealth. Today, read on to learn... How to Use Your Retirement Savings, Penalty-Free... at Any AgeBy
Wednesday, February 4, 2009
What do you do if you need money right now, but you're not old enough to tap Social Security or use your retirement savings?
A Forbes article shows how a chiropractor, Alfonse DeMaria, took $700,000 in his IRA and converted it to a $3,000-a-month income stream. He bought himself a six-bedroom home with 269 acres in rural New York to enjoy with his family. "My kids and I can start enjoying the house now rather than 25 years from now, and it will still be here then, too," he said.
You should carefully consider which method to use, since each method comes out with a different number. For example, if you're 50 years old and have $400,000 in your account, the required minimum distribution method would have you withdraw about $12,000 in the first year. The fixed annuitization method would have you take out $23,000. I know that sounds complicated, but don't worry. If you change your mind, you have a chance to switch methods. To do this, you'll definitely want to consult an accountant. In fact, because this is the government we're dealing with here, I strongly recommend you talk with an accountant before you begin collecting ANY money through 72(t) distributions. This method of collecting your retirement money may or may not be right for you. It depends on your situation. And you'll never hear about it from the financial companies. (Think about it: If you take your money out, they get smaller management fees!) P.S. The goal of Retirement Millionaire is to help readers learn about dozens of retirement loopholes just like this, which can bring you more money and a better retirement without much effort.
Further Reading:
Yes, You Really Can Collect Free Money From Social Security Market NotesTHE GOLDEN UPTREND IS STILL IN FORCE
An update on the most important trend in the world right now: Gold is still soaring... you just don't realize it.
As we've pointed out many times in the past few months, most gold owners felt disappointed in 2008. Gold closed the year just 6% higher than where it started. But those folks are missing the "big picture." If you look at the price of gold the way the 300 million people who use the euro currency do, you'll see gold is actually soaring right now. This week, gold reached a new all-time high versus the euro. You can see this "golden uptrend" below. It's not just mainland Europeans who are losing their purchasing power to gold. The currencies of Australia, Russia, and South America are declining against gold as well. We state again: Gold's steady rise against paper assets is the No. 1 biggest trend in the world right now. Make sure you're on the right side of it! |
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