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Help I’m lost

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Bymcli759

L1: Help I’m lostOkay, I am new to the 72t process and looking for some assistance. I have a rollover IRA current value is $650k, was $800 before the Oct 08 crash. I am 57 (sept) and my wife is 51 (dec). I would like to getan income as around $3500 monthly.What is the best method to follow. Thanks2008-11-11 04:45, By: mcli759, IP: [74.215.109.194]
L2: Help I’m lostmcli-
Try the “reverse calculator” and the “regular” SEPP calculator under the “CALCULATORS” thenSEPP CALCULATORS tab on left, and choose AMORTIZATION results for highest payout. I am getting a (reverse) result that a payout figure of $42K per year would require an initial balance of $685,799, so you will have to settle for a bit less that your desired $3,500 per month if you do it now with a balance of $650K. On the regular SEPP calculator with your info, I am getting AMORT payout of $3,317.30 per month. This figure is dependent on the max interest rate you are allowed to use in the calcs (table of those max fed midterm rates is also on this site- “Interest rates”-) , which is the one from one of the two months that precede the month of first payment, so if the rate does up a bit at some time in the future, and you can use that new rate to start, you might make it. The 4.16% rate that is used as default in the REVERSE calcs if from SEPT 08 (Oct 08 rate is less), so it is only good if payments start before NOV 08 ends. AMORTIZATION is the one with highest payout, and do SINGLE LIFE calculation. Most recommend that you keep a balance in a separate IRA, in case you have an emergency before turing 59 1./23. Then the 10% early withdrawal penalty only applies to that withdrawal and does not “bust” all of the payments taken out of the SEPP IRA. This shd be a start, but you shd read older posts on this site to get more info.Change the “limit posts to last 3 months” to a higher number, and check off “SHOW ALL RECORDS” on the forum page so you can scroll up and down without needing to “page” to next group of messages. Don’t do anything until you have a better understanding of this process. KEN2008-11-11 08:26, By: ken, IP: [75.67.65.254]

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