Is It A Trick Or A Treat?

By Admin Prepare

November 3, 2021

This past weekend was Halloween, and the main theme of the season is “Trick or Treat!” It is also a main theme right now in the financial planning world because there are many financial tools, moves, options, and strategies available that could either be a ‘trick’ or a ‘treat’ to your retirement plan. So, how do you know which one it is?

In your pre-retirement and retirement years, there are literally thousands of different planning tools, options, and strategies that are available. And many of these could either bring you financial success or cause you financial hardship, depending on when and how you implement them. For example, one very popular move people make when they need money from their retirement plan before the age of 59½ is a 72(T). This move will allow you to access money in certain ways from your retirement plan without getting hit with a penalty. Now, obviously, this sounds good and in some circumstances it can be a very good thing. However, there are also circumstances where making this move could really cost you a lot of money and hurt your retirement plan.

The bottom line is that every financial tool, option, and strategy has its proper fit, where it will work successfully, as well as a time where it could possibly do tremendous harm to your plan. Determining each is the difference between having a ‘trick’ or a ‘treat’ in your retirement plan. To learn more about several retirement planning tools as well as moves that people make that can be a very good or a very bad thing, visit the Prepare Institute website ( to find a retirement course or class near you.

Content is for educational and informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. You should contact your retirement and tax professional before utilizing any of the information in this article.