Early Retirement With The Rule of 55

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Retire early with the rule of 55 #401k
Dave Zoller, CFP®
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00:00 Their Story
01:09 The Problem
01:42 The Rule of 55
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Disclaimer: Since we don’t know your specific situation, none of this information should be construed as tax, legal, financial, insurance, financial advice, or other advice and may be outdated or inaccurate. It is your responsibility to verify all information yourself. This content is prepared for entertainment purposes only. If you need advice, please contact a qualified CPA, attorney, insurance agent, financial advisor, or the appropriate professional for the subject you would like help with. Streamline Financial Services, LLC or its members cannot be held liable for any use or misuse of this content.
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Disclosures: Securities offered through LaSalle St. Securities LLC (LSS), member FINRA/SIPC. Advisory services offered through LaSalle St. Investment Advisors LLC (LSIA), a Registered Investment Advisor. Streamline Financial Services is not affiliated with LSS or LSIA. LSS is affiliated with LSIA.

Опубликовано:

12 июл 2024

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Комментарии : 13

@dforrest4503 3 месяца назад

You mentioned that rules can be different for government employees. That’s correct. My 457 plan allows penalty free withdrawals at any age once you’ve separated.

@dandawson8128 3 месяца назад

Good video/content. Thanks for clarifying it’s THE YEAR you turn 55, you don’t need to literally be 55. Also good to note that just because the IRS allows it, doesn’t mean a specific plan allows it as well. “Check with your plan” is obvious, but always good to stress.

@bobtopper7867 3 месяца назад

Informative and to the point. Nice video!

@ryanspalding6252 3 месяца назад

Never knew about this rule, great video

@lostboi3974 3 месяца назад

That was a sign from the universe. Glad he was listening.

@Muller_Andr 3 месяца назад

Increasing tax rates are the reason I rolled over my 401k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account.

@nutria12247 3 месяца назад

I have a 403b which does allow for the Rule of 55, so it does apply to some government plans.

@phil6740 3 месяца назад

One of the hidden gems that does not get covered much. If your fortunate to be born late in the year you can wrap up at 54 and change. I think this may or some variation of it may be a better option Than a lot of the fire movement for some of us

@OurRetireEarlyJourney 3 месяца назад

We wish we had the rule of 55 provision in our 401k. We instead need to build a bridge account. Great content, just subscribed!

@jeffgilmore3147 3 месяца назад

I'm already using the rule of 55 for small monthly Withdraws for expenses in retirement. Would like to do Roth conversions understanding I'd pay tax from my taxable accounts. No plans on using Roth money for a long time ( established Roth 15 years ago). Anyhow, there is no 10% penalty issue on the Roth conversion from 401k to Roth under the rule of 55?

@MatthewBennettFPV 3 месяца назад

We have a Solo 401k with Vanguard for my wife. If she retires at 55 and closes her business, does rule of 55 apply or are there issues with it being a solo 401k?

@GreySox 3 месяца назад

457B withdrawals can be done at any time without penalty after separation from the employer. Can someone verify that?

@dan6756 3 месяца назад

I will turn 55 next year. I recently called my 401k administrator but the person does not know if my employer offers the Rule of 55. I googled for the answer but not sure it is correct. Also, what are the specific steps to use the Rule of 55? Has anyone actually used the Rule of 55? I want to make use i will not get the 10% penalty.