Withdrawals prior to 59 1/2

L1: Withdrawals prior to 59 1/2I am planning on retiring when I am 56. I’ll have about $450,000 in a company retirement and 401K. I will roll theses into an IRA. I figure I’ll need about $50,000 a year to live on. In all the calculations that I have read about the amounts come out LESS. As long as I keep the $50,000 constant for the 5 years can I withdraw this amount and avoid the 10% penalty?2002-01-28 19:54, By: Mike, IP: [127.0.0.1]
L2: RE: Withdrawals prior to 59 1/2NO! Notice 89-25 outlines the three methods that can be used to calculate the amount. The annual amount may be no more than, or less than, the amount calculated. To avoid the 10% penalty, the payments must be substantially equal over your remaining life expectancy.Take some time and read some of the posted material – especially 89-25 and the FAQ section. The answers are all there.2002-01-29 04:28, By: Gfw, IP: [127.0.0.1]