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2016 summary of finances

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    #61
    Originally posted by Nutria View Post
    This?
    https://www.irs.gov/retirement-plans...-distributions

    Separation from Service
    the employee separates from service during or after the year the employee reaches age 55 (age 50 for public safety employees of a state, or political subdivision of a state, in a governmental defined benefit plan)
    that was a quick search; different article than your link. I think this is what I was thinking of:

    rule 72(t) which allows you to withdraw from your 401(k) penalty free before age 59.5 is only for "substantially equal periodic payments"

    I don't know the details and I'm sure there are strict criteria and exceptions.

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      #62
      Originally posted by Jluke View Post
      that was a quick search; different article than your link. I think this is what I was thinking of:

      rule 72(t) which allows you to withdraw from your 401(k) penalty free before age 59.5 is only for "substantially equal periodic payments"

      I don't know the details and I'm sure there are strict criteria and exceptions.
      I just googled "72(t)(2)(A)(v)".

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        #63
        Yes I am aware of 72t and yes it is strict. Also...you can more easily access money from a roth ira...which isnt recommended either.

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          #64
          The Roth ladder is a much easier way to access your 401k money before the age of 59.5 than the rule of 72

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            #65
            I'm a little late to this party, having just finished updating Gnucash yesterday. But, I'm happy to report that our net worth is up 30% this year, thanks largely to a large bonus I received last January and to a lesser extent raises my husband and I got by switching jobs. In the notable milestones department, our net worth is finally over half a million and the retirement accounts in my name finally add up to 6 digits.

            Also notable is that 2016 was the first time we've ever maxed out all of our retirement accounts and we're planning on doing it again in 2017 even though we're not expecting another large bonus.

            My one regret in 2016 was that I didn't keep a closer eye on our finances, often letting Gnucash fall months out of date. But, luckily, it looks like our financial habits are well enough engrained that we didn't suddenly turn wasteful or really let our lifestyle inflate. Still, I plan on doing a better job of staying on top of things in 2017.

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              #66
              Originally posted by Goldy View Post
              The Roth ladder is a much easier way to access your 401k money before the age of 59.5 than the rule of 72
              Rule 72(t) is just slightly different from the rule of 72.

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