48 and Worried About Early Retirement? This Changes the Math - 565
Your Money, Your Wealth
Bridging with 72(t) and Rule of 55
Joe and Big Al discuss using a 72(t) SEPP and Rule of 55 to access retirement funds penalty-free.
Lucky Lou is 48, burned out and wants to punch at 50. How should he bridge the gap before pensions and Social Security? Joe Anderson, CFP®, and Big Al Clopine, CPA walk through the Rule of 55, 72(t)s, and the psychological reality of spending down a taxable account, today on Your Money, Your Wealth® podcast number 565. Alexei and Anna are high earners in their mid-20s who want to save aggressively and keep taxes low. Which retirement accounts should they prioritize, and can they afford a downpayment on a house? Jay and Gloria are wrestling with the classic question of whether to save to Roth or traditional 401(k), especially since their state doesn't tax retirement income. Is taking the deduction now and backdooring Roths the smarter move? Plus, Sleepless in Seattle wants to know, can her 28-year-old daughter afford to buy a condo in a high-cost housing market? Finally, Jennifer in Texas wonders how to invest and withdraw an inherited IRA over the 10-year rule with the least tax damage.
Free Financial Resources in This Episode:
https://bit.ly/ymyw-565 (full show notes & episode transcript)
The Last 5 Years Before Retirement Will Decide Your Lifestyle - Here's How - YMYW TV
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Chapters:
00:00 - Intro: This Week on the YMYW Podcast
01:04 - Can I Retire at 50 with $5M and Bridge the Gap to Pensions and Social Security? (Lucky Lou)
10:51 - Which Retirement Accounts Should Young High Earners Max First? Can We Afford a House Downpayment? (Alexei & Anna, Cincinnati)
17:57 - Save to Roth 401(k) or Traditional If Our State Doesn't Tax Retirement Income? (Jay & Gloria, People's Republic of IL)
28:21 - Should a 28-Year-Old Buy a Home in an Expensive Market? (Sleepless in Seattle)
37:15 - How to Invest for Most Growth and Least Tax on an Inherited IRA? (Jennifer, TX)
41:04 - Outro: Next Week on the YMYW Podcast
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