3 Ways to Retire Early (That You Might Not Know About)
11,227
Published 2024-07-19
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All Comments (21)
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I was laid off at the end of 2023 at 56 and am using the Rule of 55 to retire early. Next year, I will sell from my taxable account and have to potential to pay 0 taxes since it will all be long term gains. With such low income, I will also be able to get healthcare at a reasonable rate as well. Early retirement is possible if you learn and plan.
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I think this has been the best video of when/why a financial advisor could be useful. Save money and invest in index funds is easy. Knowing which strategies and paperwork to convert and withdraw is a little more complex.
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This has been the best early retirement video your team has put out!
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Bo is excited. This is going to be good. š
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Solid video. But from the thumbnail, I thought you were finally going to talk about Coast FI.
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I started a 72t on one of my IRAs at age 56 as I was in my glide path to retirement. Worked well for me so far. Will be done after 5 years, but can access my other retirement accounts at 59 1/2.
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Great show n
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Great episode! What are some tips for financial planning when recieving 100% P&T VA compensation?
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I love watching this as a 22 yr old
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These withdrawal strategies are the reason why 99% of those pursuing FIRE should ONLY fund Traditional IRA/401k and never bother with Roth
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How do you avoid double taxation from a retirement account though when you are a American living in another country. For a Roth IRA while America wouldn't tax you the other country would and if you have a retirement account in the other country then visa versa. Wouldn't a after tax account with the foreign income tax credit be better??
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Solid info in the show. Thank you for the details you guys go into on these videos.
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for most people i wouldn't mess with the whole 72 thing, or pulling basis from the roth. the easiest thing is to set your retirement accounts up so that if you have nothing else, you can retire at 60. then put anything extra you can into regular brokerage account and use that to retire early whenever you have enough to more than bridge to 60+ years old.
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The Money Guys, could you do a chat on a very challenging question & topic not widely discussed (probably due to it being super tough to address): how to retire and spend (as much as possible, leaving as little as possible) for singles, those without a dependent, those who do not wish to leave a legacy. What are some possible strategies?
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Rule 55 any exceptions for layoffs. I turn 54 this year and may be laid off.
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The rule of 55 does not state how the 401k distributions are handled. Some plans only allow a full distribution before the age of 59.5.
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I wish you would have gone into details about plan compatibility with the rule of 55. My employer doesn't allow partial distributions until 59 1/2 so at 55 your only choice is to withdraw the entire balance which is a tax bomb
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Great video! Would love to hear thoughts on just paying the penalty on early 401K withdrawals. Not ideal, sure, but if you donāt want the commitment and risk of a 72t, it does exist as an option.
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If I am waiting for a pension, I can never retire early without penalty....But I feel I will have enough in 3 years if I can get my full pension and investments and being able to delay taking SS until 67. But just found out I have to wait to 62 for full pension. š¢
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Things change so fast. Do you know how old I was when I was your age? š
