AboutAaron Hall Expertise I can answer questions regarding asset allocation, investment selection, investment managers, hedge funds, investment expenses, most common tax shelters, retirement accounts.
Experience I have worked with MetLife Financial Services, Ameriprise Financial, and Merrill Lynch. I also manage millions in client assets, though I am not actively searching for more clients, and I do not accept commisions for financial products.
Organizations Financial Management Association
Education/Credentials I am in the process of attaining my Ph.D. in Finance with a support area of econometrics, and have a bachelors degree in Finance with a concentration in Real Estate from Florida State University.
Education
Florida State University, Tallahassee, FL
Ph.D. in Finance, pending
Florida State University, Tallahassee, FL
B.S. in Real Estate and Political Science, Spring 2002
Related Industry Experience
Merrill Lynch, Financial Advisor with Merrill Lynch, with $3,000,000 in assets on the books, $2,000,000 of which was fee based, where clients followed specific portfolio recommendations based on optimized portfolios tailored to risk tolerance and goals, 2006-2007
Independent, Financial Planner, continuing to work with select clients, 2005-2006
MetLife, Financial Services Representative, Selling Life Insurance and Annuities, 2003
Guernsey and Associates, Boutique Financial Planning Firm Internship, Selling Life Insurance and Fee-based Financial Plans, Fall 2002
Honors and Awards
College of Business Ph.D. Fellowship/Assistantship
College Teaching Fellowship Award
Full Undergraduate Academic Scholarship at FSU
National Merit Scholar Award
Question Hi, I am unemployed and would like to take 20k out of my IRA. I understand there is a 10% early withdrawal penalty but my question is, at what rate would the 20k be taxed at? I have been unemployed for 3 years....stay at home dad. Thanks!
Answer Adam,
Your 20k will be taxed at normal income rates, plus the 10%.
If your financial situation hasn't changed much over the last couple of years, you should have an idea as to what rate the extra 20k will be taxed at. I would suggest to have 20% of the 20k withheld to minimize your tax burden come next April.
If you absolutely need 20k, you could withdraw 25k, and withhold 20% of that, which would leave you with 20k after withholding. If you want to change the withholding rate or the amount you want after withholding, use this formula to find the amount to withdraw:
(Amount desired#/(1-withholding percentage)
For example, if you wanted 10k after withholding 25% #10k is the amount desired), divide 10k by 1-.25 or 10k/.75, which would give you 13,333.33 as the amount to withdraw.
I would recommend, however, that you only take out what you absolutely need to take, because the 10% penalty is a lot of money that won't be there for retirement.
