SPEAK WITH A PROFESSIONAL BEFORE EXPLORING 72t EXCEPTIONS
Completing your 72t early retirement distribution and documenting your IRS 72t exceptions correctly, will provide a stream of retirement income. But, if it’s done incorrectly, possibly by withdrawing too much and you can end up broke! Plus, the IRS may assess the 10% penalty on all amounts withdrawn, if the IRA account runs out of money before the end of the 72t scheduled time frame. That’s the rule.
Therefore, it’s imperative you work with someone, who has experience with the entire 72t process. CD’s can not be used effectively as an investment vehicle for a 72t distribution.
The 72t distribution will NOT be subject to the 10% additional early distribution tax in the following circumstances:
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Below Is an Example of a 72t Distribution or SEPP
An individual age 55 (with the same age beneficiary) who has $250,000 and wants to set up a 72t, (using a rate of 4.23% for example) this would be the payout options to choose from:
|72(t) Annual Payments||Life Expectancy (29.6 Years)|
|$8445.95/year ($703.83/mo)||Minimum Distribution Method|
|$14894.53/year ($1241.21/mo)||Amortization Method|
|$14797.28/year ($1233.11/mo)||Annuitization Method|