Originally Posted by RetiringAt55
Consider taking your SS at 70 and DW taking hers at 62 for longevity insurance and higher survivor benefit. There are many other good SS strategies for married couples to consider as well. The 70/62 one is good if you make around the same amount of SS at FRA.
Consider the Illinois Bright Start 529 savings plan if you are in IL. It can save you a lot in state taxes over time.
I thought the date to start pulling out of a 401k without penalty was 59.5. I think you can only pull out at 55 if that is the year you leave employment.
Couple of different posts on 401k distribution. It depends on the SPD(summary plan description). Mine is set up so at age 55 (or older) and terminated from service, allows non - penalty withdrawls. I retired this year at 56, took my first penalty free distribution this December. I've known other folks, with the same SPD, quit at 50 and start taking penalty free distributions at 55. Other SPDs don't allow for that, or require limited distributions.
I can't advise if you should do the distribution, only that it may be possible. Of course your SPD has to allow at the time you hit 55, the SPD can change.