Quote:
Originally Posted by AU Doc
Here's a question I've been chewing on for a while, if I put all of my retirement savings in an IRA, if I decide I can retire before 59-1/2 am I going to have to pay an additional 10% penalty every year until that 59-1/2 mark? If so, that's going to HURT!
EDIT: It looks like there is a way to make early withdrawals, but it carries some risk. There is the 72(t) Substantially Equal Periodic Payments (SEPP) option. It would require some planning to get it right, though.
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I have no idea and would only discuss questions like that with a tax professional.
I'm 64 now and don't withdraw from our IRA... nor do I add to it either - but I do have it entirely invested in high risk growth stuff. We don't need it - so why not try to have it grow until they force me to take it (70). My wife is only 60 and is also retired.... I want her to hurry up and get her Social Security. LOL ---- Seriously not really but I rib her all the time about it.