Author Topic: Early Retirement  (Read 15562 times)

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Offline Stupid Fitz

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Re: Early Retirement
« Reply #250 on: November 14, 2023, 08:48:07 AM »
Talk to a tax guy/girl. Withdrawing from qualified accounts is tricky if you aren't at least 55 and or retired. There could be penalties.

Offline steve dave

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Re: Early Retirement
« Reply #251 on: November 14, 2023, 08:51:25 AM »
Talk to a tax guy/girl. Withdrawing from qualified accounts is tricky if you aren't at least 55 and or retired. There could be penalties.

There would normally be penalties, but for Lib specifically you should reach out to the plan administrator and talk to them about a hardship withdrawal (if you haven't already). There are ways to avoid them for certain life circumstances which I think you may qualify for.

Offline star seed 7

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Re: Early Retirement
« Reply #252 on: November 14, 2023, 10:09:28 AM »
I have the qualified stuff covered, no negative consequences
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Offline DaBigTrain

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Re: Early Retirement
« Reply #253 on: November 14, 2023, 10:13:46 AM »
That's good that you have that part figured out. I qualified and was paid out on 3 different life insurance polices for chronic illness riders but had to navigate all the different things to get it figured out.
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