Retire at 55 with 401k Rule of 55 or IRA Rule 72T || Retire at 55
In this video, I want to discuss the 401k Rule of 55 and the IRA Rule of 72T.
What is the rule of 55? The rule of 55 allows anyone with a 401k to use their 401k for retirement income if they are terminated, leave their job, or retire in the year they turn 55 or later without incurring a 10% penalty for being under the age of 59.5.
If you are wanting to retire at 55 or doing retirement planning at 50 then understanding the rule of 55 and how that correlates to your 401k and retirement income is imperative for your retirement planning.
I also want to discuss a 72T. A 72T is a way for someone who wants to retire with an IRA to use their IRA for retirement income and avoid the 10% penalty that comes from an IRA withdrawal under the age of 59 1/2
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Pearl Wealth Group
Drew Blackston, CRC® & RFC®
Office: 813-807-5060
Info@pearlwealthgroup.com
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Do most employers allow you to utilize the 55 rule? Also, if you do the the rule of 55 (quit your current employer where you 401k is based). Can you move your money from your company's 401k (already quit) and move it to an IRA?
using Rule of 55 what will the distribution look like? Retiring at age 56 I assume the 401k administrator will automatically withhold 10% as early withdrawal penalty before age 59.5, then when I file taxes the following year I will receive the 10% back as part of my tax refund? I assume they'll also withhold another 20% for taxes, so if I request a $50,000 distribution they will withhold 10% + 20% = 30% and I'll get a check for $35,000, correct?
Tomorrow is the big day for my husband.
We are using the rule of 55.
Sry Drew i was looking at 72T before i settled on the rule of 55. @5:30 you say you can adjust annually however https://www.irs.gov/retirement-plans/substantially-equal-periodic-payments section 2 #2 and #4 and section 9 says you cant. You will get the 10% penalty and charged interest all the way back to the start. except for death, disability or qualified safety employee.
Rule of 55. Definitely a big part of my plan. 2 years to go!