No. of Recommendations: 1
Under SEPP, why not?
He wasn't self-employed. He was just rich. ;-)

In this case, SEPP has nothing to do with self employed but refers to Substantially Equal Periodic Payments, also known as the rule of 72T where one can access without penalty one's tax deferred retirement accounts without penalty before 59.5. You have to take distributions based on the balance of the account and your life expectancy for 5 years or until you reach 59.5, which ever is longer, in order to avoid the (IIRC) 10% penalty in addition to taxes for premature distribution of a retirement account.

Print the post  


Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.