Happy 59 ½ Birthday!

[48Fire]

I just turned 59 ½, an age I have looked forward to for a long time After early retirement at age 52, it seemed like a long bridge to this safety net. Now I feel like I can tap my IRA if I need to. We just bought a condo last week, in part with the security of knowing I am now 59 ½. And age 62 feels close now, another safety net for possibly drawing Social Security

Anyone else felt a sense of relief at 59 ½?

 

[freedomatlast]

Yep, ER'd at 59 1/2 last year!

 

[stepford]

Years before retirement 59.5 looked like an important planning milestone (I just need to have enough in my taxable accounts to make it to 59.5 then I can live off my IRA). In more recent years, and particularly since ER at 55, this concern has receded as I now hope to not touch IRA money until RMDs kick in. So while I noted my 59.5th "birthday" last month it doesn't effect me in any way (other than I wish I wasn't getting old so fast).

 

[Lawrencewendall]

Congrats! Just remember, life is about the journey, NOT the goal.

 

[48Fire]

Congrats! Just remember, life is about the journey, NOT the goal.

Thanks, and I agree for sure We're traveling tomorrow to see our new condo

 

[48Fire]

Yep, ER'd at 59 1/2 last year!

Congrats!

 

[48Fire]

Years before retirement 59.5 looked like an important planning milestone (I just need to have enough in my taxable accounts to make it to 59.5 then I can live off my IRA). In more recent years, and particularly since ER at 55, this concern has receded as I now hope to not touch IRA money until RMDs kick in. So while I noted my 59.5th "birthday" last month it doesn't effect me in any way (other than I wish I wasn't getting old so fast).

Even better!

 

[sengsational]

This was a few years ago... I mentioned (in passing) to my sister that Karen was going to get penalty-free withdrawals from tIRA's. When we got to my sister's house, she had this cake for us!

 

[toddm]

I had my 59 1/2 birthday in January and yes it was a great day. I made my first IRA withdrawal and was surprised at how good it felt. I thought I would be hesitant and disappointed to see my balance have a sleight drop, but instead it was very satisfying to finally be able to harvest some of the money I’ve been saving for the past 30 years.

 

[2017ish]

Definitely was noteworthy. Was a big deal for me and a bigger deal on October 13, when DW hits it. When we retired with grossly disproportionate traditional IRA holdings, I thought of those birthdays as our first measuring post/goal. Haven't had to tap them yet, but will before the end of the year. (Roths are planned to be forever, whilst traditionals are to convert and spend--soon will be all we will be living on until age 70 socials, if any.)

Happy birthday!

 

[Jerry1]

Happy Birthday and a half! I hit the magic day this July.

Sengsational, The cake is a good idea. I’ll have to drop a few hints, or just go get one for myself. I guess that’s okay on 1/2 birthdays.

 

[48Fire]

This was a few years ago... I mentioned (in passing) to my sister that Karen was going to get penalty-free withdrawals from tIRA's. When we got to my sister's house, she had this cake for us!

Haha that's awesome! Actually having your cake and eating it too

 

[CaptTom]

59-1/2 was never in my planning, so it passed without notice.

That said, now that you mention it, I have a little flexibility in the event of an emergency or opportunity. Good to know.

 

[LOL!]

I got a sense of relief today when I booked a winter lodge room in a National Park and found out I got a nice discount because I am old.

 

[48Fire]

59-1/2 was never in my planning, so it passed without notice.

That said, now that you mention it, I have a little flexibility in the event of an emergency or opportunity. Good to know.

Wow good for you. When my wife and I were 37, we hit $100,000, and I showed her the 401k statement. She was so excited...where can we go, what can we buy?! Uh, sorry, Hun, we can't touch until I hit 59 1/2 She was very disappointed, so now this condo feels like we finally made it

 

[48Fire]

Definitely was noteworthy. Was a big deal for me and a bigger deal on October 13, when DW hits it. When we retired with grossly disproportionate traditional IRA holdings, I thought of those birthdays as our first measuring post/goal. Haven't had to tap them yet, but will before the end of the year. (Roths are planned to be forever, whilst traditionals are to convert and spend--soon will be all we will be living on until age 70 socials, if any.)

Happy birthday!

Thanks, and congrats to you as well. My lovely wife hits 59 1/2 in August. She has an IRA of her own, and plans on tapping it.

BTW, I was surprised that my 59 1/2 date according to the IRS is 3 days more than I expected. I thought it would be my birth date plus six months. If that's really true, I am guessing a few people bust their 72t, or early withdrawals.

 

[48Fire]

I got a sense of relief today when I booked a winter lodge room in a National Park and found out I got a nice discount because I am old.

Haha, yeah I am starting to get a few discounts, too. The good news about getting old

 

[Timeisprecious]

59-1/2 was never in my planning, so it passed without notice.

That said, now that you mention it, I have a little flexibility in the event of an emergency or opportunity. Good to know.

+1. I can't see celebrating 1/2 birthdays - I sure didn't celebrate 57 1/2 or 58 1/2! I guess it's kind of good to know we can access our tIRA now without penalty, but I hadn't planned to access it until RMD time anyway. Yes, that'll mean being in a higher tax bracket when it's time to draw, but we don't have any pressing need for it now anyway and it's still nice to watch it grow (or, ummm ... watch it SHRINK, in this bear market! ).

 

[ERD50]

No. There are other ways to draw penalty free from an IRA, so 59 1/2 isn't really that big a deal.

I planned on waiting until 70 1/2, might be 72 now. And 70 for SS.

-ERD50

 

[48Fire]

No. There are other ways to draw penalty free from an IRA, so 59 1/2 isn't really that big a deal.

I planned on waiting until 70 1/2, might be 72 now. And 70 for SS.

-ERD50

What are the other ways to draw penalty free from an IRA? Might help to educate some

 

[ERD50]

What are the other ways to draw penalty free from an IRA? Might help to educate some

Probably most applicable - google 72-T

https://www.investopedia.com/terms/r/rule72t.asp

https://www.investopedia.com/terms/s/sepp.asp

-ERD50

 

[48Fire]

Probably most applicable - google 72-T

https://www.investopedia.com/terms/r/rule72t.asp

https://www.investopedia.com/terms/s/sepp.asp

-ERD50

OK, thanks. I didn't mention in my initial post that one of the biggest reasons I was celebrating turning 59 1/2 was that it also marks the end of my 72t

I started my 72t when I was 53, so it was 6 1/2 long years of a commitment. Fortunately, there was no COVID-19, Dot-com bubble, or financial crisis during this.

So it's not just my ability to withdraw at 59 1/2, it's my ability NOT to withdraw. Doing so last month would have busted my 72t

 

[GravitySucks]

Congrats!

 

[stepford]

Not to be a downer, but it hasn't escaped me that being 59.5 means I get to turn 60 (and officially high risk) just in time for "peak Corona" this summer...