Question on new SEPP

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L1: Question on new SEPP
Hi –
I am being forced out of my job due to an asset acquisition, with a termination date of 07/02 (I’ll be 57 1/2). My 401k plan does not allow for any distributions once you are terminated. I can leave it sit or roll it out if I need to get at the money. We can make it on what my husband makes but I still need a little bit of income each month and am considering a 72t. My thought is I would use this as the small amount of money I need each month and the 5 years would take me to age 62 and my SS could meet that income need once the distributions were done.
DOB – 10/11/60
Could I determine what my total 72t distributions would be for the 5 year period, roll my 401k into two IRAs, one into an immediate annuity for the amount of the total of 72t distributions with the balance of the 401k into the 2nd IRA? Or would it make more sense to put the 72t distribution total into a Money Market account to make the withdrawals from?
Thank you for your help.
2018-01-12 22:13, By: Jules, IP: []