Julie, don't look now, but you are a stone's throw away from 10K subscribers! I so agree with your comment regarding managing expenses to have a successful retirement.
Thank you so much for your videos! I look forward to each one, and celebrate your life with you. You created a plan, worked hard, and are now enjoying a sweet retirement. Hoping to join you soon!
@@lisagardner9798 😬Oh dear that's not good. There's something called slow quitting where you just do the minimum you can do without getting fired. Maybe some varaition of that? Good luck! ☺
I love that you are putting out more videos. I am staying with once a week so that it does not become a job. Teaching at three colleges is enough side hustle money for me in retirement.
I'm working on a bridge account right now, targeting retiring in my late 50s, in about 10 years. However, I am planning to let my retirement accounts continue to grow untouched until I am more typical retirement age. For me it will be a longer "bridge" to allow my retirement accounts to continue growing a bit longer.
Great video as always! Glad you mentioned the Rule of 55 as many people don’t know about it. Also, with the recent Fed cut, HYSAs rates are starting to drop. Thk God for a military pension and VA disability! Also, free healthcare at the VA!! 🙏🏾
I was afraid you were going to miss some but I think you covered them all..had a friend who did the 72t plan. Just be careful if you arrempt. Most accountants don’t understand and if you screw it up it will cost you lots of penalties. Must make the withdrawal until you hit %i think 59. Buy research carefully
Great „overview“ type video, should give everyone interested a starting point for more in-depth research (including a bunch of your previous videos, Julie)! I‘m hoping for Rule of 55 to happen…fingers crossed! 🤞 😊
@@HappyonMonday Thank you as well, your crossed digits are much appreciated!😁 I have looked into my 401K plan summary and details, and the wording alludes to the Rule of 55 without actually calling it that explicitly - so I am hopeful. I don‘t want to rock the boat with HR yet to verify this, so I‘m going to wait with my inquiry until early next year. My plan is to „exeunt“ next May, and to actually use my 401K as a bridge account for the first 10-12 years. Whenever I draw social security, I will have decent sized Roth IRA avail to combine with that, plus an HSA. No kids etc here, so heck yeah I‘m gonna use up all my money and have a good time before Le Grand Croakage!
Hello Julie, not sure if I missed this in previous videos but why did you retire a year early instead of working till you were 59 1/2? The reason I ask is I am currently stuck in the mode of one more year, one more year and one more year. I know if I keep it up, I will never retire. Financially I am way behind you, but I could do it if I stick to a strict budget and live simply. I am just curious how you made the decision to do it. I really appreciate your videos and all the work that goes into them. All the best to you.
I had planned to work until 59 1/2 but I just couldn't do it!! It was starting to affect my health and I just decided my health was more important thatn extra money! Thank you!! 😁
What a great summary of how to access retirement accounts early. Because the rule of 55 obviously doesn't work unless you're 55, would you say that a Roth conversion ladder and the SEPP plan beats the rule of 55 since you can access funds without penalty at ANY age? Is there anything I'm missing? I'm especially curious since I hope to retire well before I turn 55.
I've always found Roth IRAs confusing so up until last year, I've always only contributed to traditional IRAs. I did not know that Roth IRA contributions could be withdrawn at 59.5 or older regardless of the five-year rule. Good info to know, thank you!
From what I understand, with a Roth 401(k), you can withdraw your contributions (not earnings) at any time, regardless of age, without penalty, meaning you can withdraw your contributions even before age 59.5, bypassing the five-year rule that applies to earnings within the account.🙂
@@HappyonMonday I believe Roth 401k disbursements before 59.5 force you to take out both contributions and earnings in a proportional percentage (i.e. if 80% are contributions & 20% are earnings, that's the proportion you'll get with a disbursement). In that case, the earnings portion will be taxed and have the extra 10% penalty. Roth IRAs always take contributions out first.
@@ladyj9474 if you take the 401K and roll it into an IRA that you manage after you leave, they don't have any choice. Just keep the portion that you don't want to roll over. I can't imagine any 401K provider not following the law
Thanks for making a confusing subject clearer!
You're welcome! ☺
Julie, don't look now, but you are a stone's throw away from 10K subscribers! I so agree with your comment regarding managing expenses to have a successful retirement.
It's crazy!! 😃Yes being careful with expenses is the key!! ☺
Thank you so much for your videos! I look forward to each one, and celebrate your life with you. You created a plan, worked hard, and are now enjoying a sweet retirement. Hoping to join you soon!
Thank you! That's so nice of you!! I hope you can retire soon! ☺
Thank you Julie for the informative videos! I plan to retire at 62 but realistically may be 63. Hopefully my job doesn’t kill me before that!
You are welcome!! I sure hope your job doesn't kill you before then! 😆
@@HappyonMonday it’s super stressful and they keep adding more to the job and the expectations and deadlines are not realistic!
@@lisagardner9798 😬Oh dear that's not good. There's something called slow quitting where you just do the minimum you can do without getting fired. Maybe some varaition of that? Good luck! ☺
Love your videos Julie! Wishing you much success in retirement and on You Tube!
Thank you so much!! 😁
I love that you are putting out more videos. I am staying with once a week so that it does not become a job. Teaching at three colleges is enough side hustle money for me in retirement.
Two a week is all I can handle and I'm not doing any other side hustles! You must be really busy! 😀
Another great video on a complicated subject!
Thank you!! 😁
Love your videos and absolutely love the quote at end it's very unique
Thank you!! ☺
You should do a membership on RUclips with quotes and extras. I would happily join.
@@kevink2998 That's an idea! I don't know much about how to do that, but I will look into it - thanks! 😁
Happy Monday & early retirement! 😃🙌🏾
Thank you!! ☺
I'm working on a bridge account right now, targeting retiring in my late 50s, in about 10 years. However, I am planning to let my retirement accounts continue to grow untouched until I am more typical retirement age. For me it will be a longer "bridge" to allow my retirement accounts to continue growing a bit longer.
That's great planning!! 😁👍
Great video as always! Glad you mentioned the Rule of 55 as many people don’t know about it. Also, with the recent Fed cut, HYSAs rates are starting to drop. Thk God for a military pension and VA disability! Also, free healthcare at the VA!! 🙏🏾
Thank you!! Yes, I'm sad that rates are going down! I'm glad you have VA benefits!! ☺
So nice and clear. Thank you.
You are welcome! ☺
I enjoy watching your videos
Thank you! ☺
You are a wealth of information. Thank you for putting this together so that you can share it with us 😊
You are welcome!! 😁
Good Lord, you have every retirement account there is. ❤ So do I 😊
😆
I was afraid you were going to miss some but I think you covered them all..had a friend who did the 72t plan. Just be careful if you arrempt. Most accountants don’t understand and if you screw it up it will cost you lots of penalties. Must make the withdrawal until you hit %i think 59. Buy research carefully
Thank you! Yes they seem complicated. I wanted to share about them even though I'm not using them myself. Thanks for the warning!! 😄
Great „overview“ type video, should give everyone interested a starting point for more in-depth research (including a bunch of your previous videos, Julie)! I‘m hoping for Rule of 55 to happen…fingers crossed! 🤞 😊
Thank you!! My fingers and toes are crossed for you!! 🤞😁
@@HappyonMonday Thank you as well, your crossed digits are much appreciated!😁 I have looked into my 401K plan summary and details, and the wording alludes to the Rule of 55 without actually calling it that explicitly - so I am hopeful. I don‘t want to rock the boat with HR yet to verify this, so I‘m going to wait with my inquiry until early next year. My plan is to „exeunt“ next May, and to actually use my 401K as a bridge account for the first 10-12 years. Whenever I draw social security, I will have decent sized Roth IRA avail to combine with that, plus an HSA. No kids etc here, so heck yeah I‘m gonna use up all my money and have a good time before Le Grand Croakage!
@@SchatziTravels That's awesome!! Great planning! 😁
Hello Julie, not sure if I missed this in previous videos but why did you retire a year early instead of working till you were 59 1/2? The reason I ask is I am currently stuck in the mode of one more year, one more year and one more year. I know if I keep it up, I will never retire. Financially I am way behind you, but I could do it if I stick to a strict budget and live simply. I am just curious how you made the decision to do it. I really appreciate your videos and all the work that goes into them. All the best to you.
I had planned to work until 59 1/2 but I just couldn't do it!! It was starting to affect my health and I just decided my health was more important thatn extra money! Thank you!! 😁
@@HappyonMondayHealth is Wealth! 🙏🏾
@@tonylevine2716 💯😁
Very informative, thank you👍
You're welcome!! ☺
What is a CD ladder? Thank you for another great video!
You're welcome! a CD ladder is when you buy a number of CDs that mature at different times which creates a "ladder." ☺
What a great summary of how to access retirement accounts early. Because the rule of 55 obviously doesn't work unless you're 55, would you say that a Roth conversion ladder and the SEPP plan beats the rule of 55 since you can access funds without penalty at ANY age? Is there anything I'm missing? I'm especially curious since I hope to retire well before I turn 55.
If you are going to retire before age 55 then yes, the other plans would be better! That and building a bridge account. ☺
I've always found Roth IRAs confusing so up until last year, I've always only contributed to traditional IRAs. I did not know that Roth IRA contributions could be withdrawn at 59.5 or older regardless of the five-year rule. Good info to know, thank you!
Yes, it is quite confusing!! 👍
Thanks for the information. I didn't realize you could access Roth IRA contributions prior to 59 1/2. Does that work the same for a Roth 401k plan?
From what I understand, with a Roth 401(k), you can withdraw your contributions (not earnings) at any time, regardless of age, without penalty, meaning you can withdraw your contributions even before age 59.5, bypassing the five-year rule that applies to earnings within the account.🙂
@@HappyonMonday I believe Roth 401k disbursements before 59.5 force you to take out both contributions and earnings in a proportional percentage (i.e. if 80% are contributions & 20% are earnings, that's the proportion you'll get with a disbursement). In that case, the earnings portion will be taxed and have the extra 10% penalty. Roth IRAs always take contributions out first.
@@Mekias That's good to know! Thank you!! 👍
I used rule 55 and retired at 56
That's awesome!! 😃
I am too in 2025! Check your 401k SPD to see if your plan offers age 55 withdrawals without the penalty, mine does!
@@ladyj9474 if you take the 401K and roll it into an IRA that you manage after you leave, they don't have any choice. Just keep the portion that you don't want to roll over. I can't imagine any 401K provider not following the law