mikex
Dryer sheet aficionado
- Joined
- May 10, 2007
- Messages
- 49
I'm single and 49 and worked the same Company for 22 years. I have a pension that I am going to use starting at 55. I also have $326k in IRA/401k funds. House and cars are paid off - no debt. I calculated I need $18k to live for a year absolute minimum (including a health and dental policy), but also have an emergency cash fund 0f $30k.
The thing is I'm burned out at work, and want to get out for a while. I would say 6 mo. to a year and then get another job to take me to 55, when at that time I can procede with retirement.
I realize I would pay taxes and a 10% penalty for a withdrawel from IRA. So say I took out about $20k and took a break. Even though it will take a hit, the IRA will grow back for a good many years anyway. What I want opinions on is how "dumb" would it be for me to this?
The thing is I'm burned out at work, and want to get out for a while. I would say 6 mo. to a year and then get another job to take me to 55, when at that time I can procede with retirement.
I realize I would pay taxes and a 10% penalty for a withdrawel from IRA. So say I took out about $20k and took a break. Even though it will take a hit, the IRA will grow back for a good many years anyway. What I want opinions on is how "dumb" would it be for me to this?