qualified retirement plan

In the inaugural episode of Troutman Pepper's three-part Employee Benefits and Executive Compensation podcast miniseries, hosts Lynne Wakefield, Constance Brewster, and Brianna Hourihan discuss recent legislative developments and pressing issues in the qualified retirement plan space. They delve into the key provisions of SECURE 2.0, proposed regulations on the use of forfeitures, the expansion of the Employee Plans Compliance Resolution System (EPCRS), and recent litigation trends, as well as year-end administrative tasks.

Stay tuned for next week's episode, where hosts Lynne Wakefield and Lydia Parker will highlight key health and welfare plan developments as we close out 2023 and head into 2024.

We are excited to announce that we will be hosting our annual webinar in September 2024, which will provide a comprehensive look at the future landscape of employee benefits and executive compensation.

Tips for using price anchoring in sales negotiations, helping immigrants and faith-based investors purchase properties when traditional financing isn’t an option, using the slow flip strategy to increase profit margin and reduce taxes on investments, and presenting price options using a seller net sheet on listing appointments.  Also, this episode is a must-watch if you’re wondering how to approach real estate leads as both a licensed real estate agent and an investor.

Full show notes: https://probatemastery.com/presenting-price-real-estate-seller-net-sheet-and-slow-flipping-houses-pocast-46

Watch on YouTube: https://youtu.be/cuCLRnhtXGM

Facebook Group: Estate Professionals Mastermind: https://facebook.com/groups/estateprofessionalsmastermind

FREE PROBATE REAL ESTATE WEBINAR:  REGISTER FREE
https://probatemastery.com/probate-fast-track-webinar/
**You'll receive a probate marketing cheat sheet, step-by-step guide to get started in probate real estate, and a core knowledge workbook to help you learn your local probate process.


Timestamps (Links to YouTube)
0:00 Upcoming content: Probate and reverse mortgage Ask The Expert (Real Estate Podcasts)
0:55 Keeping both sides of the commission without dual agency (Fiduciary duty and disclosure)
4:17 Can you be a real estate agent and investor? (Offering Options)
6:32  Structuring your business as a real estate agent that also invests (Real Estate Business Structure)
9:01 Seller net sheet example conversation: What do you say in a listing appointment? (Real Estate Appointments)
13:47 Partnering with the seller to JV a fix and flip deal (Transaction Engineering)
17:12 What is a good real estate profit margin for deals? (Getting Paid in Real Estate)
21:17 How to get great real estate deals from leads with bad phone numbers (Real Estate Prospecting)
23:09 Slow flip real estate method and real estate tax strategy (Slow flipping houses)
24:11 Rehab rental property costs and tax benefits (Rental Property Rehab)
25:54 Price anchoring and negotiating (Sales and Negotiation Techniques)
32:10 Choosing your finance strategy: Conventional vs. Commercial loans for Real Estate Investing
36:58 Using QRP or Qualified Retirement Plans for real estate investing (Self Banking/Infinite Banking)
43:11 How can an immigrant buy a house without traditional financing? (Lease with option to purchase)

Learn more at www.probatemastery.com

When your reach 59 ½ years old you can withdraw money from your qualified retirement plans like Thrift Savings Plan (TSP), 401k, and IRAs without paying the 10% early withdrawal penalty tax.   There are some exceptions to the 10% tax penalty. In particular if your separate from service after you reach 55 years old, you can begin withdrawing from that employer’s retirement plan penalty free. And there are a just a few other exceptions to the early withdrawal penalty.

You also need to know if you make withdrawals from a ROTH IRA, ROTH TSP, or ROTH 401k, you can withdraw your contributions penalty free. But your earnings taken from the ROTH within 5 years of our first contribution will be subject to the 10% early withdrawal penalty, even if you’re over 59 1/2.

Otherwise, when you reach 59 ½, no more tax penalty. You will still owe income tax on withdrawals from regular IRA, 401k and Traditional TSP, but the penalty is behind you.  If you are still working, like most people this age, you can still continue contributing to your retirement accounts including cathup contributions after age 50.

In the meantime, it's a good time to take inventory and take another look at how you envision your retirement. When would you like to stop working? Or perhaps go to part time? What will your retirement lifestyle be like? What budget will you need to support that lifestyle? Up through our fifties, most people save as much as they can, or have had a particular target amount of savings for retirement. By 60 it’s a great time to see if you are still on track or if your needs or wants have changed. It’s gets harder to make up ground as you close in on retirement, so the sooner you know if you need to make any changes the better.

While it is best to leave your retirement saving to grow, it is good to know that if you need to you can access your qualified retirement plans after 59 ½ without a tax penalty. It can act as an emergency fund allowing you to save more now if you need to. And this may be a great time to “test drive” a retirement budget. By saving more now, you will have less cash available for spending. You can see how that tighter budget might fit your lifestyle and needs in retirement. This could give you more confidence that you are on track or may push you to consider other options like working longer or part time.

Another factor to consider as your looking forward is what will you do for health insurance if you stop working before age 65 when you would be eligible for Medicare? Military retirees are covered by Tricare, including Guard and Reserve retirees over age 60. But the cost of healthcare insurance can be shocking when it is no longer sponsored and subsidized by your employer. Know your options and costs.

And lastly, if you haven’t already, open an account on the Social Security website at https://www.ssa.gov/myaccount/ .  They gave great tools and online calculators to estimate your social security payments for different scenarios based on your personal earnings history at https://www.ssa.gov/benefits/calculators/ 

So to wrap things up,once you hit 59 1/2 you can withdraw saving from any regular IRA or 401k and Traditional TSP penalty free. You just pay the income tax. ROTH accounts are also penalty free after 59 ½ as long as it’s also been 5 years since your first contribution. But don’t withdraw your money just because you can. It’s a great time to take another closer look at your retirement pan and savings so far. Refine your budget, see if you need save more work longer. And also make a plan for healthcare and Social Security, both of which we’ll talk about in future episode.

Have a question you’d like answered on a future podcast, sent it my way to katie@moneypilotadvisor.com 

What if you had a retirement account without the frustrating taxes, fees, and restrictions, and money you can access NOW?

This is a great example of a concept of “becoming your own bank” that we will be sharing over the next month.

This episode was originally planned to be released in May, but as we dove in to the conversation with Damion Lupo, Founder and CEO of The eQRP Company, he had a lot of timely insight to the current COVID-19 crisis and its impact on people’s lives, finances, and investing. If you’ve been looking to figure out your best options under the new CARES Act, you’ll want to hear Damion’s insight.

Damion began his career as an entrepreneur when he was 11. The son of an Army veteran, from an early age he had a strong work ethic and an inquisitive mind. Damion doesn’t just learn, he consumes information, embodies it and circulates it with a dedication for empowering others. 

Over the last quarter century he’s owned and operated successful businesses ranging from insurance, precious metals, financial consulting, real estate, and venture capital. He’s also written five books on these topics. All of this accumulated knowledge led him to the creation of a better path leading to financial freedom and a goal of helping 1 million people unleash the shackles of what Damion refers to as, “financial bondage.” The result of this is The eQRP Company.

If you are unfamiliar with the term, an eQRP is an Enhanced Qualified Retirement Plan. The eQRP has many benefits including helping you “become your own bank,” as well as avoiding many of the taxes, fees, and restrictions that come with most retirement accounts. The eQRP allows you to do basically anything you want with money in your account, including things like buying physical gold and storing it yourself, and you can access and borrow money from your account, even writing yourself a check directly from your account.

Why have most people not heard of the eQRP? As Damion explains, Wall Street and financial advisors make money from their fees on assets under management and would not make money from offering their clients eQRP accounts. Setting up an eQRP takes you out of this system that is designed to feed on you, rather than feed you, and it puts you in the driver’s seat.

Damion’s Resources

Get your free QRP book from Damion at QRPbook.com

CARES Act Explanation for Retirement accounts eQRP 401 IRAs and more 6-minute overview video

Tapping into $200K from Your eQRP using the CARES Act Webinar

damionlupo.com

FREE Next-Level Income Resources — Take Advantage Of These Today

To get your exclusive discount code for the upcoming virtual Multifamily Investor Nation Summit that Chris will be speaking at ($100-off the current ticket price), visit MFINSummit.com and use the code NEXTLEVEL at checkout.

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Bonus Resource From John Hyre

COVID-19 Wartime Response Plan For Small Businesses Webinar