This is not true
for most retirement accounts such as annuities or 401k plans, which often incur a 10 % penalty in addition to income taxes.
Every bit you save now means you're that much closer to retiring early — and the best part is that
most retirement accounts offer tax benefits as an incentive to help you save for the future.
In addition, federal non-bankruptcy law has provisions that make
most retirement accounts such as 401 (k) s and IRAs exempt from the claims of creditors and the bankruptcy trustee.
By waiting too long to file bankruptcy, you may end up putting your home and other assets at risk, needlessly draining accounts that would otherwise be protected from creditors (
i.e. most retirement accounts) and creating a financial situation that did not need to be as dire if you had only pursued bankruptcy as a viable solution to your debt problems.
How to Retire at 50: With 9 1/2 years before you're eligible for withdrawals
from most retirement accounts and 12 years before you're eligible for Social Security, you'll need to maximize your earnings and savings and minimize spending to fill the gap if you want to retire at 50.
Moreover, a brokerage account is a great option if you aim to retire early, since you'll face no penalty for withdrawing before age 59.5 like you do
with most retirement accounts.
Most retirement accounts, such as a traditional individual retirement account or a company - sponsored 401 (k) plan, are funded with pre-tax dollars.
Most retirement accounts have some sort of fees associated with them as do buying and selling individual stocks in a personal investment account.
Most retirement accounts are cash accounts.
As with
most retirement accounts, the big danger with SEPs is early withdrawal.
Most retirement accounts — like an RRSP for instance — are used to help people save money before retirement.
(
Most retirement accounts, however, allow you to defer paying taxes on gains until you're eligible to withdraw money.)
Additionally, you can keep up to $ 1,000 equity in personal property, such as furniture, art, and electronics, or $ 4,000 equity in personal property if you're not using the homestead exemption; up to $ 1,000 in equity of your vehicle — more if filing bankruptcy jointly with your spouse; and pensions and
most retirement accounts, under federal non-bankruptcy exemptions.
Fortunately,
most retirement accounts are eligible for rollover... this means that you can «roll over» your existing retirement accounts into a self directed account.
Most retirement accounts are held in only one spouse's name.
The growth in your annuity is tax deferred, similar to the way earnings are handled with
most retirement accounts.