In this episode: taxable accounts, the 72(T), inherited retirement accounts, 457B's, roth conversion ladders, and the rule of 55.

This week we are joined by the “FI Tax Guy” Sean Mullaney to walk through examples and discuss some strategies you could use when accessing your retirement funds early. No matter where you are on your FI journey, there can come a time where retiring early becomes a feasible option, but there can be many stipulations and tax implications that come with withdrawing your funds before the age of retirement. Tune in as we discuss several different options you can pursue in order access your money without having to wait until the 59 and a half year old threshold.

The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Brad and the ChooseFI podcast do not endorse Sean Mullaney, Mullaney Financial & Tax, Inc. and their services.

Sean Mullaney:

• Website: fitaxguy.com
• Website: Mullaney Financial and Tax
• Twitter: @SeanMoneyandTax
• YouTube: @SeanMullaneyVideos

FIRE in Vegas:

• Join Brad Barrett from ChooseFI, the Donegans from Rebel Finance School and other FI enthusiasts for a weekend of inspiration, education and fun in Sin City.

Timestamps:

• 0:47 - Introduction
• 3:39 - Taxable Accounts
• 19:03 - Inherited Retirement Accounts
• 25:30 - The Rule of 55
• 28:39 - 457B's
• 30:46 - Roth IRA Conversion Ladder
• 39:12 - The 72(T)
• 54:52 - Paying the Penalty
• 57:25 - Conclusion

Resources Mentioned In Today’s Episode:

• Mailbag: Inflation and FI, ACA Subsidies, Roth vs. Trad and More | Cody Garrett | ChooseFI Ep 471
• The Roth IRA Conversion Ladder | A Case Study | ChooseFI Ep 17R
• Roth IRA Conversion Ladder Case Study | ChooseFI Ep 163R
• Retire On 72(T) Payments
• 72(t) Payments in Google Sheets
• Subscribe to The FI Weekly!

More Helpful Links and FI Resources:

• Top 10 Recommended Travel Rewards Credit Cards
• Empower: Free Dashboard to Track Your Finances
• CIT Bank Platinum Savings Account
• M1 Finance: Commission-Free Investing, 1-click rebalancing
• CashFreely: Maximize Your Cash Back Rewards
• Travel Freely: Track all your rewards cards and points
• Emergency Binder: For Your Family’s Essential Info (code ‘CHOOSEFI’ for 20% off)
• Student Loan Planner: Custom Consult (with $100 Discount)