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Waiting ~6 more years to hit 59.5 so I can try to do exactly this and draw from my IRA w/o penalty. (I did some research into Roth conversion to avoid penalties
by SavantIdiot 5y ago
Waiting ~6 more years to hit 59.5 so I can try to do exactly this and draw from my IRA w/o penalty. (I did some research into Roth conversion to avoid penalties but you can only withdraw a certain amount and only for certain items, not general expenses.)
- stocknoob 5y agoLook up the 72t election. You can withdraw from an IRA tax free, no penalty, you just need to set up a schedule. The government wants to encourage saving, and penalizes people from random large withdrawals for impulse buys. Careful, scheduled withdrawals are allowed.