In this episode: taxable accounts, the 72(T), inherited retirement accounts, 457B's, roth 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 where 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 different options you can pursue in order access your money without having to wait until the 59 and a half year old threshold.

The discussion is intended to be 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. and their services.

Sean Mullaney:

Website: fitaxguy.com
Website: Mullaney Financial and Tax
Twitter: @SeanMoneyandTax
YouTube: @SeanMullaneyVideos

FIRE in Vegas:

Join Brad Barrett from ChooseFI, the Donegans from Rebel Finance School and other FI enthusiasts for a weekend of inspiration, education and fun in Sin City.

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!

More Helpful Links and FI Resources:

Top 10 Recommended Travel Rewards Credit Cards
Empower: Free Dashboard to Track Your Finances
CIT Bank Platinum Savings Account
M1 Finance: Commission-Free Investing, 1-click rebalancing
CashFreely: Maximize Your Cash Back Rewards
Travel Freely: Track all your rewards cards and points
Emergency Binder: For Your Family’s Essential Info (code ‘CHOOSEFI’ for 20% off)
Student Loan Planner: Custom Consult (with $100 Discount)

475 | How to Access Your Retirement Accounts Before 59.5 | Sean Mullaney 58:24 Share

ChooseFI

Shownotes Transcript

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