Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
I would like to retire at age 55. I will have about 300,000 in my company 401K and will also be getting a lump sum of about 400,000 additional from the company pension plan. Since I am not 59 1/2 I believe I will need to use IRC 72 (t) to avoid paying the 10% penalty. My question is do I have to put all the money into one IRA or can I split it up any way I want, into as many IRA's as I want and then pick the IRA to draw from using IRC 72 (t)? For example if I decided I wanted to draw 50,000 per year for the 5 years can I set up an IRA with 250,000 and draw from that one and not touch the others?
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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.