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How to Access Your Retirement Accounts Before 59.5 | Sean Mullaney | Ep 475

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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:

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:

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Choose FI has partnered with CardRatings for our coverage of credit card products. Choose FI and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. American Express is a ChooseFI advertiser. Disclosures.
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