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Substantially equal periodic payments (SEPP) are one of the exceptions in the United States Internal Revenue Code that allows a retiree to receive payments before age 59 1 ⁄ 2 from a retirement plan or deferred annuity without the 10% early distribution penalty under certain circumstances. [1]
Without these exceptions, money you take out before age 59 ½ will be subject to regular income taxes plus a 10% early withdrawal penalty. Those penalties can add up and more quickly deplete your ...
The original poster is 48, and taking money from his 401(k) before he hits age 59 1/2 would be expensive. If he were to begin transferring funds before 59 1/2, he'd not only have to pay taxes on ...
Key Points. With a 401(k), you could face an early withdrawal penalty for removing funds before turning 59 1/2. Under certain circumstances, you can access your 401(k) penalty-free at age 55.
By David Ning One of the biggest challenges for early retirees, aside from needing to save enough extra money that it can last though a longer retirement, is that there are early withdrawal ...
If you retire early, you might be able to get by for a few years until you can access your full retirement funds at age 59 1/2. ... “If you retire before you get to retirement age, your benefits ...
If you retire before age 59.5, you may be too young to withdraw from an IRA or 401(k) penalty-free. And if you retire prior to age 62, you're too young to claim Social Security benefits.
Tapping into your retirement account before turning 59 1/2 comes with a high probability of a 10% tax penalty. But in your 60s, you no longer need to worry about being penalized for taking early ...
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