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Excellent!! Posted by MI-Roger [Email]  (#882) [Profile/Gallery]
(more from MI-Roger) on Fri, 3 May 2013 03:28:52
In Reply to: Re: That's crazy didnt u retire like yesterday, EGD  [Profile/Gallery]
, Thu, 2 May 2013 11:18:26
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You will be able to leave on your terms with ample opportunity to secure a desirable follow-up job first!
FWIW - I started applying to new jobs in December after I gave notice, I started having interviews in late February during the time period when I was burning up my accumulated vacation days prior to the April 1st retirement date, and based on yesterday's discussions it looks as if I will start my new career next week.
Definitely not as fast as when I was in my 30s, but at only one month of living off the savings account it was not depressingly slow either.
A piece of information I uncovered when taking a hard look at early retirement prior to making my final decision involved withdrawals from 401(k) plans. Almost everyone knows that money in IRAs cannot be touched without penalty until you are 59-1/2. What I did not know, or hardly anyone with whom I have shared this, is that money in 401(k) plans can be withdrawn WITHOUT PENALTY provided you retire no sooner than the calendar year in which you turn 55. If you retire earlier than the calendar year in which you turn 55 the age limit for penalty free withdrawals reverts to the 59-1/2 value used with IRAs. 403(b) accounts may be treated the same. This provision eliminates the need to initiate the complex 73B Rule provisions Simply remove any amount of money if and when you need it, pay taxes as ordinary income on the money withdrawn, but no penalty.
Could be beneficial information if your employment search takes longer than you hope, or you suddenly find a killer deal on a 40 foot sail boat.
->Posting last edited on Fri, 3 May 2013 05:06:52.
_______________________________________ Saabs owned: 2008 9-5 Aero Sedan, sold at 227K miles 2006 9-3SC 2.0T - Wife's daily driver 2000 Viggen Convertible - Sold May, 2022 1964 Quantum IV Formula Car - Retirement project 2000 9-5lpt Sedan, sold at 318K miles
, Mon, 29 Apr 2013 08:02:36, Tue, 30 Apr 2013 07:42:52
, Tue, 30 Apr 2013 10:19:21, Tue, 30 Apr 2013 12:08:03, Thu, 2 May 2013 11:18:26, Fri, 3 May 2013 03:28:52 <-- Viewing This Message, Tue, 30 Apr 2013 13:43:01, Wed, 1 May 2013 03:52:27, Mon, 29 Apr 2013 13:29:48
, Tue, 30 Apr 2013 08:08:00, Tue, 30 Apr 2013 09:23:00, Mon, 29 Apr 2013 12:42:23, Mon, 29 Apr 2013 10:50:10, Wed, 1 May 2013 13:09:43
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