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for those contemplating retirement

Discussion in 'Off Topic Threads' started by slayer, Jan 26, 2012.

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  1. slayer

    slayer Well-Known Member

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    Maybe most people know this, but I didn't and I thought I was fairly well informed about retirement and 401k's. You CAN access your 401k funds before 59 and a half years of age without penalty if you are at least 55 yrs of age and can draw a pension. I thought that the 59 1/2 rule applied to all situations.This does not apply to those that retire before 55. They would have to wait until 59 1/2 to access 401 money. Wierd rule, but because of it I went months earlier than I had planned. Bill
     
  2. Tommy67

    Tommy67 Member

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    The IRS refers to these withdrawals as a "72t". They can be helpful for those too young to draw social security, or wishing to begin ss withdrawals at the full retirement level.

    Tom
     
  3. slayer

    slayer Well-Known Member

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    They can be really helpful to those wanting to get away from a pr###k boss and start your own business, too. Life is good, and trap shooting goes so well with retirement. Bill
     
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