I have been lurking here a couple years and finally decided to post my situation. I'll be 56 in October and DW will be 53 in March. I have run my numbers thru FireCALC, RIP, RQC and ORP. I have spent considerable time with a Fidelity Account Specialist (I think that's his title) and my Financial Advisor who I'm contemplating letting go. We have always LBOM's. Everything and everyone says our numbers work. My retirement consist of a 401K and an IRA. Since the plan administrator does not allow periodic withdrawls, I will roll that into an IRA. The DW is state employed with a defined pension and health insurance perks for life. I'm still seeking advise on a few points of my plan.
First, in order to bridge the 3 year gap of 56.5 to 59.5, I'm debating whether to set up a 72T or purchase an annuity. I'm not crazy about either but I don't know of any other options. Pro's and cons for 72T are obvious. What is attractive about the annuity is no worries with the IRS or the market and I can tap into my IRA 2 years earlier if need be. This is IF I understand all of this correctly.
Second, I am taking a portion of my rollover to pay off the mortgage (about $40K). I'm told the 55 rule applies so there is no IRS penalty. What I haven't figured out is what tax bracket I may wind up in for 2014. It may be better to continue the mortgage payment with only a little over 3 years left from my FIRE date. I may need to speak with a tax accountant for that.
Finally I want to thank everyone for the info I have learned here. The main thing I believe that has helped me is learning what questions to ask. Looking forward to responses.