Radical Personal Finance
Joshua J Sheats, MSFS, CFP, CLU, ChFC, CASL, CAP, RHU, REBC is a financial planner who teaches people how to live a rich life now while building a plan for financial freedom in 10 years or less. He mixes creative approaches to lifestyle design, deep-dive financial planning techniques, and hard-core … read more
How to Get Money Out of Your Retirement Accounts Before 59.5 for Early Retirement RPF0104
I've done a number of interviews on the show with early retirees and early retiree hopefuls. One common theme is that many of them are using traditional retirement accounts but are planning to retire before 59.5.
How is that possible without paying a bunch of penalty tax?
Today, I share with you the answer to that question.
- They may not actually take distributions from the retirement accounts.
- They might pay the 10% penalty tax because it's cheaper than the alternative.
- They might do a Roth Conversion Ladder
- They might use the 72(t) SEPP rules.
Enjoy the show!
Joshua
Links:
- New York and California state income tax rates.
- Dinkytown 72(t) calculator
- Kitces article on Bobrow v Commissioner
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