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Old 07-27-2019, 10:18 AM   #21
Recycles dryer sheets
Join Date: Aug 2013
Location: New Jersey
Posts: 363
FYI check your 401K Summary Plan Description. Some 401K's will let you withdraw, without 10% penalty if you separate from service in the year you turn 55 or after. If you retire before you turn 55, you'll need to wait until you are 59 1/2 before withdrawing from the 401K without penalty.

Either way, IRS rules require 20% from all 401K withdrawals be withheld for Federal taxes. You may get some of this back when you file your taxes the following year.
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Old 07-27-2019, 04:19 PM   #22
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Join Date: Oct 2004
Location: Portland
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Originally Posted by Lagersuufer View Post
I think that I am there financially...I just have to get my security driven impulses to agree. I've always been a great saver and changing to the withdraw mode is going to be tough.
I dealt with this by starting out slow. The first year of retirement I did a 27 day camping tour of the South Island of New Zealand and felt uneasy with spending the money.

This past winter (year 5 of retirement) we spent six weeks in Palm Springs and 3 months overseas including 2 cruises. I didn't break a sweat spending the money.

I must say though, I enjoyed the first year of retirement while spending very little money as much as I have this year spending tens of thousands on travel. Life is good.

Best of luck to you and enjoy your new found freedom!
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