In this episode: taxable accounts, the 72(T), inherited retirement accounts, 457B's, roth conversion ladders, and the rule of 55.
This week we are joined by the “FI Tax Guy” Sean Mullaney to walk through examples and discuss some strategies you could use when accessing your retirement funds early. No matter where you are on your FI journey, there can come a time where retiring early becomes a feasible option, but there can be many stipulations and tax implications that come with withdrawing your funds before the age of retirement. Tune in as we discuss several different options you can pursue in order access your money without having to wait until the 59 and a half year old threshold.
The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Brad and the ChooseFI podcast do not endorse Sean Mullaney, Mullaney Financial & Tax, Inc. and their services.
Sean Mullaney:
FIRE in Vegas:
Timestamps:
- 0:47 - Introduction
- 3:39 - Taxable Accounts
- 19:03 - Inherited Retirement Accounts
- 25:30 - The Rule of 55
- 28:39 - 457B's
- 30:46 - Roth IRA Conversion Ladder
- 39:12 - The 72(T)
- 54:52 - Paying the Penalty
- 57:25 - Conclusion
Resources Mentioned In Today’s Episode:
More Helpful Links and FI Resources:
