The Motley Fool Discussion Boards

Previous Page

Retirement Discussions / FIRE Wannabees

URL:  https://boards.fool.com/hypothetically-if-my-457-retirement-account-was-32317896.aspx

Subject:  Re: 72t question Date:  7/16/2016  11:17 AM
Author:  aj485 Number:  5132 of 5260

Hypothetically, If my 457 retirement account was 1 million, and I wanted to withdraw early through the 72t, how much would they make me take yearly?

Gene gave you a calculator, but you may not have to use 72(t). What type of 457 do you have? Is it a governmental 457(b)? If so, then there is no penalty on early withdrawals, unless funds were rolled over from another qualified plan. So, assuming your plan allows it, you could take distributions from non-rollover amounts without having to follow 72(t).

Additionally, if you are a public safety employee, you can withdraw beginning at age 50 without paying a penalty. You do need to check your plan's withdrawal requirements to be sure that the withdrawals you want to take are allowed by the plan, as plans are allowed to put some additional withdrawal rules in place.

AJ
Copyright 1996-2020 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us