I Made A Mistake with Rule of 55

[@STF68]

I retired last Sept at 55 1/2. We use the rule of 55 for my 401k. My wife is younger than me so we use the 72t rule to access her 401k.

[@TigerOnFIRE411]

Interesting very interesting Was this because you both needed the money or something else???

[@user-bt5xd4lo5n]

I too have had epiphanies while listening to the music of Shaggy. Bless Shaggy and his heavenly music. As referenced in the song Angel, I believe Father Shaggy is “sent from up above”. Amen.

[@TigerOnFIRE411]

@@user-bt5xd4lo5n Amen brother!!!

[@FIRE_DrNinjaTurtle]

Thank you for the shout out. I will add a link to your channel in a week or so, when I give you a shout out.

[@TigerOnFIRE411]

@@FIRE_DrNinjaTurtle anytime....sharing is caring

[@FIRE_DrNinjaTurtle]

@@TigerOnFIRE411 I added a section to my 8-9 video to give you a shout out :)

[@TigerOnFIRE411]

@@FIRE_DrNinjaTurtle thank you

[@garagehobbies]

If you leave the same calendar year or later. Small detail but important 😀

[@gbski43]

That sucks dude. Thanks for sharing so others dont make the same mistake. He retired prior to the calendar year he turned 55 so he can't access withdraw from that company's 401k without incurring the 10% penalty (plus taxes) now until he is 59.5 years old. It is an odd rule that you got caught up in. If you leave or get terminated from a job at 54 why should it be any different than if leaving at 55? You should have access the same at 55 regardless, but that's not how it is written. Honestly that kind of restricts us 45-55 from changing companies if we are planning to retire early at 55 using that rule to gain access penalty free before 59.5

[@TigerOnFIRE411]

Thank you you and you are welcome. I agree the 55 rule should be when you are 55 regardless not 55 and tight additional rules to prevent or keep you some where you are not happy at etc.. In my mind it is modern day slavery to prevent you from going somewhere and to keep you working for them because they hold all the cards and us none. The best we can do is share our stories, information and help one another which is why I always have said Sharing Is Caring.

[@OurRetireEarlyJourney]

A way around it is to get another job that has a 401K with that same rule of 55. You can roll your old 401K into that new 401K and then retire again in that year of 55. The down side is that you have to go back to work at some point before 55 to be able to do that.🤭

[@TigerOnFIRE411]

Right!!! I ain't trying to work like that anymore for sure.

[@goldstandardaviation1667]

Why are you mad?

[@TigerOnFIRE411]

I am not mad, sorry if it came off that way. Just a little disappointed in something I missed and a change of plans. But all is good. I have back up plans Incase of miscalculated things like this

[@funguy1086]

@@TigerOnFIRE411 ohhhhhhhhh i see what happened lol. I was wondering the same thing until i started watching the video. The video has a a typo; i read it as "I Mad.... a mistake with rule of 55"

[@TigerOnFIRE411]

@@funguy1086 oH GOOD GRAVEY, lol...i will fix that, fat fingers lol. good catch. Sometime my brain is faster than I am.