myfire123
Confused about dryer sheets
I'm in my mid fifties and would love to retire by 59. Unfortunately I still have a pretty substantial mortgage and a HELOC too, with 12 years left on one and 15 years left on the other. I do however have a 401k, an IRA, and either a a lump sum payment of $600-700k or a traditional pension due me when I retire. I only just recently learned that at 55 years old you can do a 72T withdrawal on your IRA (or a portion) without incurring the 10% penalty, even if you are not retiring. I'm wondering if it might be a good idea to take the 5 equal distributions of a portion of my IRA to significantly pay down/pay off these loans. On the one hand I'm aware I'm taking retirement funds away from myself but on the other hand I'm getting rid of debt and paying way less interest and so less money would be needed in retirement. TIA for any insights.