Looks like you’re correct:
One similar thing that I learned that’s interesting for those who want and can afford to retire early is that you can withdraw penalty free from an IRA before you’re 59.5, but you have to annuitize the withdrawals. So that’s pretty cool.
Yeah there are a lot of janky rules. For example if you retire during the year in which you turn 55 (or later) and don’t roll your money out of a company 401(k) you can withdraw it before 59 1/2 without penalty. However, if you roll the same money to an IRA you’ll get hit with early withdrawal penalties if you take it out.
Yay tax laws. The government makes things complicated for maximum f u factor if you mess up in the slightest way.
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That’s good to know - as I’ll have some money in a 401k and plan on leaving as soon as I can travel again (hopefully next summer I guess) at age 52.
Someone also said there’s no 10% penalty at all right now during covid? Is that with restrictions?
It doesn’t really matter anyway as literally anything I would want to spend money on isn’t available right now. I guess I could buy a hooker for a month and quarantine her for 2 weeks. But then I’d probably get bored with her after 2 days. Or I could buy 2 hookers for a month…
Man it must suck sooooo bad for bucket list people who have been given like 6 months to live right now.
My bucket list right now is just to be given six months to live.
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I mean, if you have six months to live, what do you have to lose? Get out there and do whatever you can off your bucket list at that point.
My bucket list is not to catch Covid at a Chili’s in Tempe, AZ. It’s to see the world.
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You’re already doing that, think of something else.
Here’s the survey, from that Atlantic article, of a bunch of people with long term covid symptoms that won’t go away:
Very interesting stuff. Asthma and Vitamin D deficiency seem to be potential risk factors for long term symptoms.
Best I know you have to retire in the year you turn 55 or later or it doesn’t apply. Definitely check with a tax guy though.
The withdrawals under the CARES act have to be COVID related or you can get whacked. For example my girlfriend cashed out some of her 401(k) because we have didn’t childcare for our son and she couldn’t work.
To me it seems pretty subjective but who knows how they’ll enforce this stuff.
Me too, and if I had six months to live, I’d start traveling wherever I could go, doing whatever it took to make that happen.
I have asthma and I’ve barely left my home since early March. Lovely! I need to spend more time out on my terrace.
I’ve been on vitamin D supplements for years at the direction of my doctor. And I have acid-reflux, which is also listed as a risk factor.
Curious as to how much of this run up is caused by the extra unemployment and those folks depositing on Robinhood and buying TSLA and other shit. Eventually, a chunk of that money has to get withdrawn when their unemployment runs out.
Fun stuff!
I’ll read this but I literally JUST texted this to a friend, that it feels an awful lot like right before the financial crisis and that the fact that the regulations are hollow and useless is a very bad sign.
This is correct, but I was assuming that like vast majority of people who ask the 529 question he has already made max contributions to these other accounts.
So, if he hasn’t done that yet, he should obviously fund retirement accts first. If those are fully funded, then he should just throw the money in the 529 as it becomes available.
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I wouldn’t worry about it, Trump will cut taxes for the super rich and arrange a few hundred million dollars of handouts to Jared and that should fix it. Also he will look at it very strongly.
Virtually none of it. Those people don’t have enough buying power to matter. They’re riding the money printers coat tails.