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Man of Myth and Legend
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Depends on what your shooting with.

Nemo
 

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clinteastwood.jpg
 
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Man of Myth and Legend
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That would be left target? Right target would take different gun.

Nemo
 

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A job I don’t particularly like. It is so distasteful that I’ve maxed the ever living hell out of my 401 and should be able to dive in on the IRS rule of 55 and be reasonably comfortable. Three years 9 months. Then........
 

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Moderator
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I’ve maxed . . . my 401 and should be able to dive in on the IRS rule of 55 and be reasonably comfortable. Three years 9 months. Then........
Cool. :cool: Good job exercising discipline and savings.


There are other ways of getting your money out of a 401(k) earlier than 59.5 years of age without a penalty, e.g., 72(t), but for those who do not know what zetor is talking about, I present an article on the Rule of 55.

 

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Yukon Cornelius
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I got 14.5 years to go before I can retire I’ll be 52.5. 401k is maxed and I’m now maxing the HSA and working in a Roth IRA. I’ll be able to withdrawal when I go at 52
 

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Yukon Cornelius
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“Even if you’re 55 or older, you can’t reach back to old 401(k)s and use that money,” says Luber

I guess if you’re gonna plan on going early better roll over all those extra 401ks in to your final 401k so you’ll have access to everything if you need it
 

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Cool. :cool: Good job exercising discipline and savings.


There are other ways of getting your money out of a 401(k) earlier than 59.5 years of age without a penalty, e.g., 72(t), but for those who do not know what zetor is talking about, I present an article on the Rule of 55.

Thanks, good to have that knowledge in the back pocket.
Interesting that you can only do it at 55-59.5 without penalty if you quit your job or get laid off. A retirement at age 55 could use 401k savings off the bat but a retirement at 53 would need 6.5 years of non-401k funding to avoid the penalty.
 

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You could invest in non-retirement accounts. If your IRAs and 401(k)s are big enough that you are comfortable not contributing further (high 6 or 7 figures) just start a non retirement investment account- Dave Ramsey calls it a “bridge” account, to bridge the years from not having to work to 59.5.
 

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You could invest in non-retirement accounts. If your IRAs and 401(k)s are big enough that you are comfortable not contributing further (high 6 or 7 figures) just start a non retirement investment account- Dave Ramsey calls it a “bridge” account, to bridge the years from not having to work to 59.5.
It’s on the plan. I haven’t gotten my second paycheck since the mortgage was paid off but the non-sheltered nest egg is scheduled to grow rapidly.
 

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Thanks, good to have that knowledge in the back pocket.
Interesting that you can only do it at 55-59.5 without penalty if you quit your job or get laid off. A retirement at age 55 could use 401k savings off the bat but a retirement at 53 would need 6.5 years of non-401k funding to avoid the penalty.
There are other options. Indeed, I specifically mentioned another tactic for getting at the money early and penalty free, 72(t), and there are others as well.
 

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There are lots of other things to do as well. Lots.

The principle in Roth IRAs is available, no taxes and no penalties.

Folks also do Roth IRA ladders from tax deferred retirement accounts.

I know this is the third time I have mentioned it now, but 72(t), since nobody has mentioned it since I first posted it.
 

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Time is everything with compound interest and by the time I bothered to really understand how important it was, a lot of that time had elapsed.
 

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Cross-drawer
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Time is everything with compound interest and by the time I bothered to really understand how important it was, a lot of that time had elapsed.
When my father retired in 1985 he got a lump sum of $24,000. My mom put it all into 5 year CDs. Interest rates were stupid high at the time. At the end of 5 years she moved those funds to other investments. My father died in 1996. My mom died last month. Their $24k portfolio is at $750k today.
 

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Time is everything with compound interest and by the time I bothered to really understand how important it was, a lot of that time had elapsed.
Can't do anything about yesterday - only today or tomorrow.

Same now I’m playing catch up or trying...
Brother, nonsense. At your age you are well ahead of the game.
 
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Yukon Cornelius
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Doesn’t feel like it. I opened UTMA accounts for my nieces and my nephew and I created allotments and I’m gonna contribute til they take control at 21. Hopefully give them a head start
 
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