We want to answer your questions about money. Email us and you may hear yours on the air: email@example.com
This week on the Pete the Planner Show, Pete reveals how he still goes to bed, even during a live-streamed DJ party!
Remember: In the first six months of 2021, we’re going to make over five families’ financial lives, LIVE on the air! WE’RE GIVING AWAY FIVE FREE HEY MONEY, MEMBERSHIPS to walk with them across six months telling their stories about their struggles in personal finances. Check us out!
No time to listen? Here’s a preview of what happened and when:
MAILBAG QUESTION 1: [5:20]
- “My husband and I are seeking more information on how to move our 401(k)s to a self-directed IRA for each of us. We’ve spoken to investment people who either don’t know enough about them or don’t want to touch this. We anticipate the market tanking soon and don’t want to lose our money tied up in a 401(k) like what happened in the early 2000s. Can you provide additional info on whether this is a good money move for not losing our nest egg, or is there a better alternative to a 401(k)?“
- Damian: There is a such thing as an “in-service withdrawal,” and maybe 60–70% of 401(k)s offer this, though there are restrictions.
- Pete: If you have fear of a ‘market correction,’ moving your money out of your 401(k) doesn’t necessarily solve anything.
- There are really three options: weather it and wait for the bounce back, sit this out and possibly miss getting back in, or seeing opportunity within the storm and making money from it
MAILBAG QUESTION 2: [16:00]
- “What is a self-directed IRA?”
- Damian: A true self-directed IRA can include more broad investments than the common ones in traditional IRAs. For example, they can include real estate, gold, etc. Most financial advisors don’t even handle them, they’re so uncommon. The regulations for setting up and operating one are also very stringent
- It’s very important to know what you want to accomplish. It’s equally important to know exactly how these work and the rules that govern them.
This episode goes deep into the topic. Don’t miss the entire conversation for the best gems. — click PLAY below for the full show.
Before you go, give your personal finances a facelift. Peep our personal guidance platform: Hey Money.
Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.