Three Ways To Access Retirement Funds Early...Penalty Free!

Eric Schrum |


Welcome to this week’s episode of The Christian Retirement Show! Today we are talking about 3 ways to access your retirement savings early…penalty free! You heard that right! 

Typically went it comes to retirement accounts and generating retirement income in an early retirement, a retiree must wait until the fateful age 59 ½ before accessing their funds. This is because withdraws prior to age 59 ½ incur a 10% penalty! But take hope, there are a number of strategies which allows retirement savers to start retirement income early.

1. The Rule of 72t allows you to take substantially equal payments early each year from an IRA account as long as you take those withdraws foe 5 years or until you reach age 59 ½
2. The rule of 55 allows you to withdraw retirement money from your current employers 401k early as long as you retire age 55 or later.
3. You are able to access contributions in a roth ira at any time penalty and tax free! If you and a spouse saved $6k per year into a roth ira for 25 years that would amount to $300k you could access prior to age 59 ½. Not bad!

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