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Reply to "How much to retire in late 50's?"
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[quote=Anonymous][quote=Anonymous]You can't withdraw money from an IRA until you are 59 1/2. I'm not sure if its the same for a 401K. Health Insurance on your own can be very expensive - $15,000-$25,000 a year Taking SS at age 62 significantly reduce what you can get at age 69, but you do get use of the money earlier. I'd work a few more years to build savings plus keep health benefits going until I can go on Cobra prior to SS. If you like your jobs and are in good health a few more years will not be costly.[/quote] There actually IS a way to withdraw from an IRA before you're 59 1/2 without paying the penalty. Look up section 71t substantially equal periodic payment. i retired early and I've been doing that from one of my accounts, which has about $950k, and I can withdraw about $33k a year without penalty. The best part is that I'm in the zero percent tax bracket so the withdrawals are not taxed on penny. It can be done if the situation is right for you.[/quote]
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