Comments on: 72(t) Distributions for Baby Boomers

By: How to Tap Your IRA With No Penalty

How to Tap Your IRA With No Penalty — Tue, 11 May 2010 03:12:09 +0000

[...] Another more complex strategy to try and avoid the 10% penalty is the rule of 72(t). The rule of 72(t) states that withdrawals from your 401k have to be “substantially equal periodic payments. You must use one of the three methods that the IRS has determined and then take your payment on a set schedule for a specific time period. It is required that you take those payments for either 5 years or when you turn 59 1/2 , whichever comes later. For example, if you start taking your payments at the age of 52, then you must do so for 8 years. Someone who starts at 57, must do so till the age of 62. [...]

By: 12 Common IRA Mistakes To Avoid

12 Common IRA Mistakes To Avoid — Tue, 12 Jan 2010 14:02:49 +0000

[...] long as withdrawals are made in accordance with the requirements of IRS Code Section 72(t), there is no need to pay penalties on distributions from IRAs before the owner is age 59 1?2. [...]

By: 401k Plan Advice

401k Plan Advice — Mon, 19 Oct 2009 23:37:42 +0000

My advice is not take the 10% penalty because when you retire you will have less income coming in from using social security. Anyone can get a job as a Greeter as Walmart if things get to tough. Plus the longer you contribute to the social security means the more you can get from that by the time you are 65.

By: 12 Common IRA Mistakes To Avoid

12 Common IRA Mistakes To Avoid — Sun, 12 Jul 2009 00:13:20 +0000

[...] long as withdrawals are made in accordance with the requirements of IRS Code Section 72(t), there is no need to pay penalties on distributions from IRAs before the owner is age 591?2. [...]