Fire Calc is returning 100% success rate. Currently 54 and feel that making it to the desirable retirement age of 57 might not be in the cards due to large merger. My biggest issue is the vast majority of funds reside in IRA’s, both traditional and Roth and a fairly sizable 401K.
Seeking thoughts and historical perspectives.
I am in the sixth year of my seven-year 72t commitment
I have absolutely no regrets. Of course I was always planning on spending down my IRA as soon as possible. And, I don’t mind taking calculated risks, so it fits my emotional side.
Here are a couple of tips:
1. Read as much as you can at 72.net. There is a wealth of knowledge there. Also has a forum with helpful people that I joined. I asked a few specific questions as I got close.
2. When you set up your IRA for 72t, make sure your Financial Advisor is on board, and they know what you are doing. Not even some Financial Advisors are familiar with it.
3. Split your IRA into 72t and non-72t based on a ratio you are comfortable with. It is similar to an Asset Allocation (AA) on risk. I went with 90% in the 72t IRA, and 10% in the non-72t IRA. You could even do three IRA’s – 50% 72t, 40% for a future 72t, and then 10% in the non-72t IRA.
4. Document everything when you implement your plan. I created a 9 page document with screen shots of the assumptions, web sites, and actual money movements. I wanted to do this in case the IRA knocked on my door, for my own understanding in the future, and for any beneficiary information in case I did not survive the seven year plan.
5. I move my money within Vanguard from the 72t IRA to a non-IRA fund. I then set up a monthly, automatic withdraw to my checking that looks like paycheck.
6. Last, and most important, once you make the decision, don’t second-guess. 99% of the people you talk to will think you are crazy.
Good luck!