(11-22-2021, 11:39 AM)ChadR Wrote: Fenders, you can use the 72t option to get around the early 10% penalty. But I don't know if you want to lock yourself into 5 years of withdrawals from your IRA.Thanks, I knew there was a way. My plan was to not draw until I am 60 but it's getting tough and I am being stubborn so 59 1/2 is under 6 months away. It's all getting a little silly actually because I am being stubborn. I need a little more income, but if I work more hours at HD I can't be attentive enough to the market. My option income game is reliable and pays 3X my HD wage in a real bad week. My back won't do fulltime at HD and the opportunity cost makes it not worth it by a big margin.
I've always been very faithful to my financial plans, investing when I probably should have bought a newer car or took a better vacation. Wanted to retire at 55 and that was just a number picked 30 years in advance by a 25yr old. I enjoyed 3 full years of retirement with a modest amount of money at age 54. Did some bucket list stuff. Money is way too tight now. I'll get through it but six months isn't forever. I am paying credit card interest I shouldn't be paying with so much net worth that isn't liquid today. You could easily do the math and I'd be better off giving up on my goal six months ago.
I can always give up but for now every month I don't keeps me out of my IRA. In 30 months I could live MUCH more comfortably than I do now without touching my IRA because my pensions and SS will be very good. Maybe a little too personal for the internet but I helped my only child a little too much the past few years and I am suffering for it now. For her own good I told her to make her own way for a few years and I can leave her some money to make her later years easier. She understands as best she can and I intend to ladder in a few annuities at various ages. (Unless I come up with a better idea because annuities are horrible at low interest rates). She works over 40HRs a week now and trying to get a nursing degree. I'm not optimistic that works out (because she squandered HS), but as long as she matures and keeps fighting hard to better herself, some security for her has become a big part of my financial mission.