Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
How Do We Access Retirement Savings Without Penalty
Old 01-02-2008, 09:23 AM   #1
Confused about dryer sheets
 
Join Date: Dec 2007
Posts: 1
How Do We Access Retirement Savings Without Penalty

Hello All

I a newbie but I have read these boards non stop for days on end getting information and doing calculations. I am 30 and my husband is 32. We are on plan to retire at 55 and 57 respectively.

The one thing I have not quite figured out from reading the boards is how are the early retired folks accessing their retirement funds before 59 1/2 without the hefty penalties.

__________________

__________________
dian_love is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 01-02-2008, 09:26 AM   #2
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,107
Google 72t.
__________________

__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 01-02-2008, 09:30 AM   #3
Full time employment: Posting here.
 
Join Date: Apr 2005
Posts: 577
Quote:
Originally Posted by dian_love View Post
Hello All

I a newbie but I have read these boards non stop for days on end getting information and doing calculations. I am 30 and my husband is 32. We are on plan to retire at 55 and 57 respectively.

The one thing I have not quite figured out from reading the boards is how are the early retired folks accessing their retirement funds before 59 1/2 without the hefty penalties.
Others can say more about the tax rules about accessing retirement money early.

I just want to say some of us, like me, are using taxable savings to retire early. I'm letting tax deferred and tax free retirement money grow (hopefully) to access much later. Since you're planning so far ahead, you may find it easy to save the money you need for the few years (55 to 59) before retirement funds become available.
__________________
kat is offline   Reply With Quote
Old 01-02-2008, 09:33 AM   #4
Thinks s/he gets paid by the post
Coach's Avatar
 
Join Date: Nov 2005
Location: Colorado, USA
Posts: 1,127
dian_love, here's a useful article: Early Withdrawals.

Coach
__________________
Coach is offline   Reply With Quote
Old 01-02-2008, 10:52 AM   #5
Full time employment: Posting here.
 
Join Date: Oct 2007
Location: Willamette Valley, Oregon
Posts: 831
What kind of emloyer pension plans do you have? Some plans may let you retire and take pension benefits with no penalty at ages 55 or older.
__________________
Dreams Worth Dreaming are Dreams Worth Planning For. I Spent a Career Planning for Early Retirement.
RetireeRobert is offline   Reply With Quote
Old 01-03-2008, 09:06 AM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by RetireeRobert View Post
What kind of emloyer pension plans do you have? Some plans may let you retire and take pension benefits with no penalty at ages 55 or older.
Most folks today don't have traditional pensions........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 01-03-2008, 09:42 AM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2005
Posts: 8,619
Although it is possible to do so, I think it is very rare for early retirees to access their pseudo-off-limits-before-59.5 retirement investments before age 59.5. They almost always have some other investments or gig that gets them to that age and beyond.

It could be taxable investments, a military pension, another pension that started early, an inheritence, a working spouse, etc.

Maybe we need a poll to find out?
__________________

__________________
LOL! is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Is there really a retirement savings crisis? mickeyd FIRE and Money 6 08-02-2007 03:19 AM
Another Retirement Article About Savings Dog FIRE and Money 1 05-10-2007 03:38 PM
A different twist on the retirement savings story UncleHoney FIRE and Money 2 04-11-2007 08:56 AM
Paying Catch-Up with Retirement Savings Mountain_Mike FIRE and Money 1 06-22-2005 01:27 PM
Question about retirement savings KB FIRE and Money 20 10-22-2004 07:56 AM

 

 
All times are GMT -6. The time now is 12:58 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.