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Answering Your Questions on How to Access Money Before 59.5 | Sean Mullaney

ChooseFI

Brad Barrett | Choose FI Media

Financialindependence, Investing, Firemovement, Passiveincome, Frugalliving, Personalfinancepodcast, Daveramsey, Careers, Business, Earlyretirement, Habits

4.8 • 5K Ratings

🗓️ 13 May 2024

⏱️ 70 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In this episode: 72t, Roth 401k’s, Roth IRA’s, The Pro Rata Rule, PUQME, HSA’s, Retirement and Education, and Roth Conversions.

In one of our faster update episodes ever, friend of the show Sean Mullaney re-joins Brad to follow up on the episode we published back in February, “How to Access Your Retirement Accounts Before 59.5,” as well answer some of the questions our community had around the subject. We in the FI community know that retiring is an option way sooner than we were originally led to believe, so listen along as Brad and Sean shed some light on ways you could potentially access your retirement savings before facing the edge of your golden years.

Sean Mullaney:

Timestamps:

  • 1:05 – Introduction
  • 1:58 – Optimizing for 72t
  • 10:25 – Roth Conversions and Premium Tax Credits
  • 22:21 – Roth 401k and Roth IRA
  • 27:08 – The Pro-Rata Rule
  • 36:17 – PUQME and HSA’s
  • 45:39 – Using Retirement Withdrawals for Education
  • 50:40 – The Rule of 55 and Solo 401k’s
  • 55:11 – Marriage and Taxes
  • 61:32 – IRA and Health Insurance Premiums
  • 64:13 – Conclusion

Resources Mentioned In Today’s Episode:

Transcript

Click on a timestamp to play from that location

0:00.0

Hello and welcome to Choose a Phi.

0:01.8

Today in the show we have our good friend Sean Malaney back for an update episode.

0:05.6

So Sean was on in early February on episode 475, which we called how to access

0:11.5

your retirement accounts before 59.5.

0:14.7

And this was a really important episode because it went through seven different options

0:19.5

to access money before 59.5 which is really something that bedevils most of us in the Fai community,

0:26.0

is this possible? Can we do this? Can we actually retire early if we want to? Can we access our money

0:31.5

before that mythical 59.

0:33.6

So that was a really important episode.

0:36.2

And what's cool about our community is we get feedback.

0:39.5

We get questions.

0:40.8

And we have somewhere between five and seven questions to go through from you, the community, where we're actually going to add an extra option, which is really cool.

0:50.0

And Sean prepared a ton for this episode to really give actionable advice.

0:54.1

So with that, welcome to Choose Out Buy.

0:56.5

Sean, thank you for coming back. I really appreciate it.

1:06.0

Brad, thanks so much for having me back.

1:08.0

Yeah, this should be fun, man. So this is, I think, the quickest turnaround we've ever had for an update episode.

1:13.2

This feels kind of fun here, right?

1:14.6

So episode 475, we went through those seven options and basically just to really quickly

1:21.2

touch on them, we're not going to spend time of them, but taxable accounts,

1:24.7

inherited retirement accounts, the rule of 55, 457B's Roth IRA conversion ladder, the 72T, which you blew my mind in that episode about 72T and now that

1:36.8

being a viable option, and also frankly just paying the penalty, which might sound

...

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