In this episode: taxable accounts, the 72(T), inherited retirement accounts, 457B’s, toth conversion ladders, and the rule of 55.
This week, we are joined by the “FI Tax Guy,” Sean Mullaney, to walk through examples and discuss some strategies you could use when accessing your retirement funds early. No matter where you are on your FI journey, there can come a time when retiring early becomes a feasible option, but there can be many stipulations and tax implications that come with withdrawing your funds before the age of retirement. Tune in as we discuss several options you can pursue to access your money without waiting until the 59-and-a-half-year-old threshold.
The discussion is intended for general educational purposes and is not tax, legal, or investment advice for any individual. Brad and the ChooseFI podcast do not endorse Sean Mullaney, Mullaney Financial & Tax, Inc., or their services.
Sean Mullaney:
- Website: fitaxguy.com
- Website: Mullaney Financial and Tax
- Twitter: @SeanMoneyandTax
- YouTube: @SeanMullaneyVideos
Timestamps:
- 0:47 – Introduction
- 3:39 – Taxable Accounts
- 19:03 – Inherited Retirement Accounts
- 25:30 – The Rule of 55
- 28:39 – 457B’s
- 30:46 – Roth IRA Conversion Ladder
- 39:12 – The 72(T)
- 54:52 – Paying the Penalty
- 57:25 – Conclusion
Resources Mentioned In Today’s Episode:
- Mailbag: Inflation and FI, ACA Subsidies, Roth vs. Trad and More | Cody Garrett | ChooseFI Ep 471
- The Roth IRA Conversion Ladder | A Case Study | ChooseFI Ep 17R
- Roth IRA Conversion Ladder Case Study | ChooseFI Ep 163R
- Retire On 72(T) Payments
- 72(t) Payments in Google Sheets
- Subscribe to The FI Weekly!
