WanderALot
Full time employment: Posting here.
- Joined
- Sep 10, 2004
- Messages
- 607
Hello,
I've been a lurking here for a short time and have a question. First a little introduction:
Me: 30, Engineer, enjoys work
Wife: 29, Teacher, LOVES work
Goal: Semi retire (consult/work part time) at 35. Wife thinks she'll continue working fulltime (which for her still means she gets 3 months off a year not including holidays). We'll probably start having kids in a little over a year. And we both live for traveling.
Looking at our overall portfolio, we have most of our assets in IRAs/401(k)s. My wife has a 403(b) which we're thinking about contributing to. The only reason we haven't already contributed to it was because it used to only have annuities in it with high expenses (!)
Now for the question! I'm concerned about having so much of our assets in retirement vehicles which have penalties for early withdrawal. How do the people who've retired before "normal" retirement age handle this? Do you guys just bite the bullet and pay the penalties?? I know that there are certain cases like higher education for which the IRS allows penalty free withdrawals, but I don't expect to qualify for those events for a long time.
I don't expect to be withdrawing gobs of money, but just curious as to want others do.
Thanks.
I've been a lurking here for a short time and have a question. First a little introduction:
Me: 30, Engineer, enjoys work
Wife: 29, Teacher, LOVES work
Goal: Semi retire (consult/work part time) at 35. Wife thinks she'll continue working fulltime (which for her still means she gets 3 months off a year not including holidays). We'll probably start having kids in a little over a year. And we both live for traveling.
Looking at our overall portfolio, we have most of our assets in IRAs/401(k)s. My wife has a 403(b) which we're thinking about contributing to. The only reason we haven't already contributed to it was because it used to only have annuities in it with high expenses (!)
Now for the question! I'm concerned about having so much of our assets in retirement vehicles which have penalties for early withdrawal. How do the people who've retired before "normal" retirement age handle this? Do you guys just bite the bullet and pay the penalties?? I know that there are certain cases like higher education for which the IRS allows penalty free withdrawals, but I don't expect to qualify for those events for a long time.
I don't expect to be withdrawing gobs of money, but just curious as to want others do.
Thanks.