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I am 54 and want to withdraw a set amount of money each month until 591/2. I understand there is a rule and prevents me from paying a penalty. Is that true and what is the rule so I can follow it and not get penalized.
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Yes it is true. It is called §72(t)(2)(A)(iv) "substantially equal periodic payments". Trip on over to the Retire Early Home Page and you will find lots of posts on this very subject.

TheBadger
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wynstephens asks,

I am 54 and want to withdraw a set amount of money each month until 591/2. I understand there is a rule and prevents me from paying a penalty. Is that true and what is the rule so I can follow it and not get penalized.

Penalty-free IRA withdrawals before age 59 1/2 are discussed at the following link:

http://www.geocities.com/WallStreet/8257/wdraw59.html

There is also a free Javascript calculator at the site that allows you to determine the exact amount of your penalty-free IRA withdrawal.

intercst
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