Hi- I am 51 years old. I have about $600,000 in 401K savings and about another $600,000 in Retirement that I can get in a lumpsum now if i decide to retire.

If I rollover my lumpsum retirement into an IRA, can I get the interest earned off of the total $1.2 million in IRA savings to finance my retirement. I am aware of the 10% penalty for early withdrawal which ofcourse I want to avoid, but I love the idea of retiring early.

Does the IRS limit how much I can get monthly from my $1.2 milllion IRA to avoid the 10% penalty?? I have read some IRS publications and i have a severe headache.


Should I clean off my golf clubs?

Thanks