{ "media_type": "text", "post_content": "What can you do for a client that wants to retire at 58 but has all her funds in 401K or IRA? Looked @ 72T but based on the highest of the 3 calculation methods it will only produce 1/2 income needed.", "post_id": "5b6055d9bb13cb0018a926c4", "reply_count": 7, "vote_count": 1, "bowl_id": "599feb177c057d0010be0554", "bowl_name": "Financial Advisors" }

What can you do for a client that wants to retire at 58 but has all her funds in 401K or IRA? Looked @ 72T but based on the highest of the 3 calculation methods it will only produce 1/2 income needed.

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Really that’s a situation where if they don’t have the plan to go back to work or draw future income, I’ll advise against retirement. With Medicare not coming until 65...what’s their plan for health insurance and coverage?

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She only has 1.5 years until age 59.5 when penalty disappears. She qualifies under the 401k Age 55 Rule where penalty doesn’t apply to distributions taken from 401k assets. If her plan doesn’t permit partial withdrawals after terminating, then she needs to plan ahead to withdraw from her 401k what she needs for the next 1.5 years and rollover the balance to her IRA.

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Split the IRA and just take the penalty. Or if they can charge things on a zero (or low) interest credit card or live off of a home equity line of credit...then after they turn 59.5...can pay it off.

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She could do separation-of-service distributions but that is very restrictive on her income from the 401k and as previously mentioned what will she do for medical expenses before she reaches 65?

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Rule of 55 on 401k

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No is a powerful word.

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Trying to avoid 10% early withdrawal penalty and need more income than 72T will provide. Ideas?

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