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My wife is approaching early retirement at the end of the year and we are both around age 57, so depending on how we decide to proceed, we may draw on the inheritance until we can draw from the IRAs and 401(k) plans without penalties and without using the 72(t) distribution option until reaching 59-1/2 in a couple of years.

If you have/will leave your last employer in or after the year you turn 55, your employer's 401(k) may allow withdrawals without penalties, and without having to use the 72(t) option. You will have to check to see if there are any restrictions on the withdrawals.

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