how long does it take to setup a 72t

L1: how long does it take to setup a 72tI plan on retiring in august. I will get a roll over until september until around the 12th of the month. will I have time to setup a 72t in september. I am going through a financial planner.2010-07-12 13:01, By: chee, IP: [68.0.57.106]
L2: how long does it take to setup a 72tDo you know if there is a better alternative ?What is your date of birth ? ( i.e. will you be 55 by 12/31/2010 ? )Is it a 401-K ?Is there company stock in the plan ?How much do you need for 2010 ? For each future year ?What is your taxable income going to be for 2010 without the SEPP 72-T distribution(s) ?If your financial planner hasn’t asked these questions, and more, get a different one.2010-07-12 13:58, By: dlzallestaxes, IP: [72.78.110.86]

L3: how long does it take to setup a 72tdid all of that just want to find out how long it may take.2010-07-12 15:45, By: chee, IP: [68.0.57.106]

L4: how long does it take to setup a 72tProbably no more than 2 weeks with a knowledgeable comapny like Vanguard.2010-07-12 18:00, By: dlzallestaxes, IP: [72.78.110.86]

L4: how long does it take to setup a 72tChee:
I set up my 72t plan with Vanguard in early 2005. I did the calcs, filled out their form, mailed it in, and got the 1st distribution in about 2 weeks. I suppose that this can vary widely with various custodians but that was my experience.
Doing the calcs took about 30 minutes. I went over it a few times to be sure that I hadn’t made any errors and then checked the result with the calculator on this web site. The results were within about $0.50 for a $33k annual distribution, so a very good match.
Filling out Vanguard’s form also took about 30 minutes, so the actual time spent setting up the SEPP was very small compared to the time spend doing research on SEPP plans, how they work, what they can do, possible problems, etc.
There is a book available on this web site that goes into all of these details. I did not get it but I should have. It would have saved me MANY hours of Internet searching.
Ed
2010-07-12 18:00, By: Ed_B, IP: [71.236.183.224]