About this episode
By the time you get to retirement, it is not uncommon to have many different accounts at multiple different institutions. You may be wondering, "How do I begin the process of consolidating everything without paying a bunch in taxes or penalties?" In this episode, James covers three types of taxes you're likely to encounter when consolidating: ordinary income, capital gain, and early withdrawal penalties. He also explains strategies to sidestep these taxes and penalties and how to decode your current allocation to pinpoint your income needs. Questions answered: What is a good strategy for consolidation? How do you ensure you won't get penalized for consolidating? Timestamps: 0:00 Intro 1:55 The situation 5:18 Capital gains 8:46 Income taxes 14:03 401k plans 17:31 Allocation 21:21 Alternatively 23:45 Outro Create Your Custom Strategy ⬇️ Get Started Here. Join the new Root Collective HERE!