How to avoid Retirement Accounts Penalty and be Tax Free
- Take that 401K and convert it to a Solo 401K
- Use it to pay off high interest rate credit card debt
- Use the solo 401K to fund a business
Watch the Full Interview with Daniel Blue Here
What our company does is identifying and helping people access money in their retirement accounts penalty and tax-free. There’s a very powerful retirement account out there that’s called a solo 401k and we like to cater to solopreneurs. If you are a consultant freelancer business owner without any w-2 employees then the irs does allow you to set up this special kind of retirement account which is called the solo 401k and the solo 401k. It allows you to have a ton of flexibility where you can essentially liberate your 401k your ira and use it how you want to use it instead of just relying on wall street. The irs to make all the decisions for you where you feel like you’re trapped. Daniel why don’t you go ahead and tell us what your snackable solution is?
Someone who quit job recently or you have got this 401k from an old job. A solution to access that money penalty and tax-free is to take that 401k and convert it until it’s called a solo 401k and then from there you can pull a certain amount of money out penalty and tax free. You can use that money however you want and you can use it to pay off high interest rate credit card debt. For example there’s a lot of people we’ve helped out over the years where they’re getting crushed in 20 interest rate credit cards. The credit card debt is costing the money all the interest is piling up it’s stressing them out. It’s bringing their credit score down and when they learn that they can use a solo 401k and access that money penalty and tax-free to pay off the credit card debt it’s a huge remedy.
It’s a big way that’s lifted off their shoulders you know that’s one way if you are someone that has high interest rate credit card debt and a 401k from an old job there’s a possibility to pay off your debt in one shot. Another solution is to use the solo 401k to fund a business maybe you need 10, 000 or 20,000 to launch your online business or launch whatever kind of business you are looking to set up. If you are interested you can always just google solo 401k and there’s a bunch of information out there. It’s not some new retirement account that just came out it’s irs approved and a ton of solutions with your own money.
Daniel blue. me is the hub gives you access to my book and my podcast called how winners win . It will gives you access to all my social media links and then a link to my company quest education and a bunch of other free resources as well so that’s the hub gives the information that you would need.