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EZE ago and everyone my name is darkies I'm the owner of a fuzzy financial group in today×39’s topic I want to discuss with you403b withdrawal and especially a 403bwithdrawal in on retirement now individuals watching this video most likely have some sort of 403btype of retirement account a 4 or 3 B is just like a 401k except for it set up through a public institution as opposed to a 401k that's set up through private institution so essentially what happens is an individual would go work for a company could be a hospital could be any sort of you know it could be teacher whatever the case maybe and as that×39’re working that company they're saying ok listen you know you're such a good employee we want to offer you some sort of benefits packages this benefits package is going to include some different options that you could contribute your dollars into something known as a 403baccount so kind of think of that for 3be accountants like a bucket of money every single year that you're working you could place more and more dollars into a 403b account and the combination of the dollars you place in there and however well the market does base upon the mutual funds that are inside that account equals how large or how small that bucket is at the end of the day at the end of the year so individuals that have been contributing to a 403b account×39’ve been doing this for a long time especially when that×39;relooking to eventually take this for retirement nowhere×39’s some sort of restrictions when looking to withdraw this money Akthar×39’s something known as a 59 and half rule, so this individual has to beaver the age of 59 and a half before they could start taking distributions from this 4 through B account because×39’s deemed a qualified retirementaccountok now the most important aspect and this is where a lot of people fall victim to a reverse dollar cost averaging effect they fall victim to outliving their money is they do not know how to properly withdraw that for 3 Monies and it×39’s all based upon the goals you know what exactly is the purpose of this 403 B account so the individual that either left an employer, and they have an old 403 B account you could do something known as a rollover where now you have more control over this you could roll over the 403 B that for three be into an IRA account Soyuz×39’re not getting taxed when you'redoing that rollover as opposed to taking the four three be throwing into your checking account and then you×39’re going to get hit with the 10% penalty tax and also full taxation, so we want to make sure that you×39’redoing this the correct way now for that individual that had that that was with that old employer now has access to that for three B account that roll over you could, wouldn't when performing a rollover you could make sure that this rollover in this IRA is specific to a certain amount of goals what do I mean by that well some individuals say listen you know I might be in my 40s I might be my early 50s I'not...
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