Quote:
Originally Posted by jhein
We actually have enough money to retire right now, but my wife is only 55 so she can't access her 401k money yet which makes up about 30% of our savings. I turn 60 in about 3 weeks. So the plan is to retire once my wife turns 59 1/2 when we can access all of our money.
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Did you check to see if the 'rule of 55' applies to your 401k - my company allows this exception on mine. Can't use funds in Roth or other until 59 1/2 though without penalty.
"The Rule of 55 allows you to withdraw funds from your 401(k) or 403(b) without incurring the 10% early withdrawal penalty if you leave your job in or after the year you turn 55. However, you will still need to pay regular income taxes on the amount withdrawn"