3 Ways to Retire Early (That You Might Not Know About)
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Published 2024-07-19
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All Comments (21)
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When someone becomes rich, a lot of things change. Lifestyle upgrades, new social circles, and different financial responsibilities are just the beginning.
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I was laid off at the end of 2023 at 56 and am using the Rule of 55 to retire early. Next year, I will sell from my taxable account and have to potential to pay 0 taxes since it will all be long term gains. With such low income, I will also be able to get healthcare at a reasonable rate as well. Early retirement is possible if you learn and plan.
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I think this has been the best video of when/why a financial advisor could be useful. Save money and invest in index funds is easy. Knowing which strategies and paperwork to convert and withdraw is a little more complex.
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Bo is excited. This is going to be good. š
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I love watching this as a 22 yr old
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This has been the best early retirement video your team has put out!
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These withdrawal strategies are the reason why 99% of those pursuing FIRE should ONLY fund Traditional IRA/401k and never bother with Roth
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for most people i wouldn't mess with the whole 72 thing, or pulling basis from the roth. the easiest thing is to set your retirement accounts up so that if you have nothing else, you can retire at 60. then put anything extra you can into regular brokerage account and use that to retire early whenever you have enough to more than bridge to 60+ years old.
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Rule 55 any exceptions for layoffs. I turn 54 this year and may be laid off.
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The Plan wonāt actually say āWe allow the rule of 55ā, my experience is that the plan documents will have key paragraphs that, 1. Allow funds to be left in plan after separation from employment, and 2. Allows withdrawals from those funds. The Rule of 55 is more a matter between the taxpayer and the IRS, at the time the taxpayer files. Did you follow the IRS rules?
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I started a 72t on one of my IRAs at age 56 as I was in my glide path to retirement. Worked well for me so far. Will be done after 5 years, but can access my other retirement accounts at 59 1/2.
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Solid info in the show. Thank you for the details you guys go into on these videos.
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Great show n
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Great episode! What are some tips for financial planning when recieving 100% P&T VA compensation?
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The Money Guys, could you do a chat on a very challenging question & topic not widely discussed (probably due to it being super tough to address): how to retire and spend (as much as possible, leaving as little as possible) for singles, those without a dependent, those who do not wish to leave a legacy. What are some possible strategies?
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Iām working hard to grow my brokerage account to have a comfortable bridge before RE!
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Some advanced topics but good to be aware of
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Great video! Would love to hear thoughts on just paying the penalty on early 401K withdrawals. Not ideal, sure, but if you donāt want the commitment and risk of a 72t, it does exist as an option.
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Solid video. But from the thumbnail, I thought you were finally going to talk about Coast FI.
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Things change so fast. Do you know how old I was when I was your age? š
