Terry calls advisor an idiot! (or maybe it’s the client!)
1… I am a big fan since your WBBM days.
2…I am have been successful enough to retire at 54 4 months. Jan 31 2022
3..I have $60k in a Roth 401k along with my other assets. I’d like to take these tax free next year if possible but am concerned the 55 rule doesn’t apply.
4..lastly my financial advisor says I don’t need a tax advisor but somehow I think it may be beneficial to navigate these next few years.
Terry Says
You have an idiot for a financial advisor if he/she didn’t tell you NOT to take money out of a ROTH at this point in life. It will grow tax-free forever — and no RMDs are required!
And who told you that you could retire now at age nearly 55? You are likely to live for another 35 years — on what??? Inflation at only 3% will cut the value of your money in half in 25 years if you don’t invest to keep up with even that basic amount. And if you’re withdrawing along the way, you’ll run out of money even faster.
Don’t make any moves until you get another financial advisor and see your true situation. Go to Wealthramp.com to find one you can trust — a fee-only fiduciary advisor.
