How many folks use a tax attorney or specialist?

[Danmar]

No tax attorney, no financial advisors, no CPA's etc. Especially now that I'm retired and have the time, I'd much rather learn about these things myself so I can do my own tax and financial planning/investing. I've found most items/issues are actually pretty simple if you take them one at a time. Some items/issues may affect others but that too is pretty easy to figure out. It just takes some time and reading. Of course you may rather have someone else handle this "stuff' for you and that's okay too, but for me, I like to know "how and why".

Likewise but since our tax/financial affairs are very simple I feel comfortable doing this. Tax deferred investments are not material. Also helps that I am a CPA and have a CFA. If I felt the need I would certainly get professional help. Obviously use lawyers for family law/estate issues.

 

[Rothman]

68bucks it seems from your description a Series of Substantially Equal Periodic Payments meets your needs. There are 3 standard methods RMD, amortization and annuitization. They are all well defined I expect IRA custodian and reading IRS code are sufficient. Key steps are you separate an account you'll use for the SOSEPP so you have flexibility to add another in the future out of your larger IRA total if needed. Once you start taking payments, either monthly, quarterly, annually you must keep on the same schedule until age 59 1/2 or 5 years whichever is longer.


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[pb4uski]

The IRS allows penalty-free 401(k) withdrawals for those separated from service in the year they reach 55 or later, so no need to wait until age 59.5 unless one's plan does not use the IRS rules.....

Be careful on this. As LOL says, many plans do allow penalty-free withdrawals for participants , but some do not... you have to check with your specific 401k plan to be sure.

There was a change in the law back in the Reagan days as I recall that allowed such penalty free withdrawals for employees leaving service after age 55 but not all 401k plans made the necessary changes to allow it.

And it is pretty stupid that they constructed things such that some plans allow it and others do not, but that's the way it is.