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>> Correct me if I'm wrong, but can't you pick how much to withdraw when you start the SEPP? Can it not be enough to exhaust the fund in five years? <<

The "reasonable interest rate" used in calculating the annual distribution must be no more than 120% of the then-applicable Federal Mid-Term Rate when using the life expectancy option. This was a revenue ruling put in place in 2002.

Look under the calculator here for details:

http://www.bankrate.com/brm/calculators/retirement/72t_distribution_calculator.asp

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