401k Early Withdrawal Concerns: Rule of 55, Health Insurance, and Social Security

I’m 57 with $700k: Can I Retire? Today, Troy Sharpe CFP® delves into viewer questions and comments from his original retirement planning video, addressing concerns such as accessing 401k principal penalty-free, managing expenses during retirement, navigating health insurance after leaving employment, and the potential impact of Social Security cuts. This video discusses potential solutions, including understanding IRS regulations for early retirement account withdrawals, adjusting spending based on investment performance, exploring subsidy options for health insurance, and considering means-testing proposals for Social Security.

🏃🏻 Jump right in:
00:00 Understanding Retirement Planning Concerns
01:08 Exploring Retirement Account Access Strategies, Including Rule of 55
02:11 Addressing Financial Challenges in Retirement
03:25 Navigating Health Insurance Options
05:15 Strategies for Managing Healthcare Costs
06:47 Analyzing the Impact of Potential Social Security Changes
11:39 Evaluating Stock Market Forecasts and Economic Factors
20:47 Developing a Personalized Retirement Plan

#retirementincome #socialsecurity #401kprincipal

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Disclaimer:
Nothing in this video is investment, legal or tax advice and should not be construed as an investment recommendation, or an offer to buy or sell any security. Investing involves risk. Advisory services are provided through Oak Harvest Investment Services, LLC, a registered investment adviser. Insurance services are provided through Oak Harvest Insurance Services, LLC, a licensed insurance agency.

USA Today Best Financial Advisory Firm 2024 criteria was based assets under management over 12 months and 5 years, respectively, and recommendations from 25,000 individuals among financial advisors, clients, and industry experts.
The Investopedia 100 celebrates independent financial advisors who are making significant contributions to critical conversations about financial literacy, investing strategies, life-stage planning and wealth management. With more than 100,000 independent financial advisors in the U.S., the Investopedia 100 spotlights the country’s most engaged, influential, and educational advisors. Troy Sharpe received this award in 2023.