Month: July 2017

Bennett Group Financial Services LLC: Managing Wealth

Bennett Group Financial Services LLC founded by Dawn Bennett as a comprehensive financial research and media firm. It provides clients with everything they need to manage their wealth, including a sound understanding of the finance industry.

Financial Myth Busting, a popular radio show in Washington, D.C., offers Bennett Group Financial Services LLC clients yet another valuable source of wealth management information. If you would like to begin managing your own finances, and you don’t yet have a surplus of resources, tips like those touched on below can help you start in the right direction:

  • Make Goals First

Managing your wealth requires goals so that you know how much you need to put where. Take time to consider what you want in your life. Retirement, travel, purchasing a car, buying property, paying down student loans and any other goals you have for your life should be considered.

  • Plan Second

You need a plan if you’re going to reach your goals. Consider each goal’s time frame and cost, and then plan for how much you need each month to get there. This could mean pushing some goals back or finding new sources of income.

For comprehensive information about wealth management, pick up a best-selling book on the topic and go from there. Alternately, contact a financial advisor in your area for a personal consultation. For additional reading on Bennett Group Financial Services, check out at : https://www.techgig.com/bennettgroupfinancial

Ten Ways to Take Money Out of Your 401k Without Penalty

Some people look at their 401k plan as an untouchable entity that needs to be left alone until their retirement, but those who rely on a company like Bennett Group Financial Services know that this does not have to be the only option. There are several ways of getting money out of one’s 401k without incurring the 10% penalty, and though not all of them are ideal, it is nevertheless important to know about them — they can come in handy in times of need.

  • Traditional Way

The most common way of getting the money is waiting until you are 59 ½ years old. This obviously does not warrant any penalty.

  • Age 55 Exception

If you leave your job after you turn 55 years old, you can withdraw the money without being penalized.

  • Age 50 Exception

The age 50 exception is similar to the age 55 exception. There is one difference between the two though, which is the fact that this exception is mostly available for those who had a public safety profession, like being a police officer or a firefighter.

  • Required Minimum Distribution

If you reach the required minimum distribution, you also become eligible for the money. Sometimes this exception is available for those who inherited a 401k.

  • Death

This is obviously not an ideal scenario, but if you die, the beneficiaries can take distributions out of the 401k without having to pay any penalty for it.

  • Disability

Having a disability also allows someone to get money out of their 401k, but the IRS’s definition is very strict for this exception, as only those who are “totally and permanently disabled” can take advantage of this option.

  • High Unreimbursed Medical Expenses

If you had medical expenses that were not refunded, you may be eligible to take the money out of your 401k, but only a limited amount, which in practice, means 90% of the expenses.

  • IRS Levy

When the IRS charges an account for unpaid taxes or imposes on it a levy, withdrawing money from the 401k may not be penalized.

  • Auto-enrollment

Those who have a 401k plan with auto-enrollment can take certain distributions – if they do not want the enrollment anymore – without being penalized for it.

  • Divorce

If the divorce decree involves the 401k among the dividable assets, you can take the money out penalty-free.

In addition to these situations, there are additional circumstances that allow you to get into your 401k penalty-free, and an investment advisor company like Bennett Group Financial Services can help you discover them.

Visit    https://bennettgroupfinancial.wordpress.com     to know more.

Bennett Group Financial: Less Known Facts About Your 401k Plan

Many people have a 401k plan and there is a good reason for that: people want financial stability once they stop working. As a company like Bennett Group Financial Services would tell you, however, these plans can offer more than retirement money. If used wisely, they can yield you far more financial benefits, which can be a welcomed addition to your 401k money. Some of the creative ways of using your 401k are taking a loan or tapping into it before retiring.

Loan

Not all people realize this, but the 401k is actually a source of money that is available for them to use. It can even be used as a loan when all other options fail. A financial expert can look at your 401k and help you find out whether you can use it as a loan or not. Now, of course, the loan has to be paid back, but knowing that you have a source of money available if you need it can increase your financial comfort.

Accessing the Money Before Retirement

This is not available with every kind of 401k plan, but some allow you to access the money before your retirement. It is called an “in-service distribution”, and if you are still employed by your company at the time you want to access it, you might be eligible to do so, depending on which type of 401k you have.

To know if your 401k qualifies or not, get in contact with an investment advisor company like Bennett Group Financial Services