Dude ACTUALLY Withdraws From His 401(k) and Retires at 47

Описание: Episode #560

Episode Show Notes: https://link.chtbl.com/Money

Join BiggerPockets for FREE 👇
https://www.biggerpockets.com/signup?...

Grab the Book “Retire Early with Real Estate”:
https://store.biggerpockets.com/produ...

Find an Investor-Friendly Agent in Your Area:
http://biggerpockets.com/agentmatch

See Mindy and Scott at BPCON2024 in Cancun!
https://www.biggerpockets.com/events?...

How the “Middle-Class Trap” Stops Your Early Retirement:
https://www.biggerpockets.com/blog/mo...

Connect with Scott and Mindy:
Scott: https://www.biggerpockets.com/users/s...
Mindy: https://www.biggerpockets.com/users/m...

Did you know you can use your 401(k) to retire early? Yep, it’s possible. And today’s guest, Eric Cooper, is doing it at age 47! Most FIRE chasers search for how to withdraw from a 401(k) early but know that doing so will hit them with substantial penalties. The best way around this? The 72(t) rule—which is precisely what Eric has been taking advantage of. Eric uses the 72(t) rule’s “substantially equal periodic payments” to take early withdrawals from his 401(k) of $30K per year, starting at age 47. But how does it work?

Eric comes on the show to describe exactly how this early withdrawal rule works, how much you can take out, the regulations to follow so you avoid penalties, and why early retirement may be much closer than you think. But this isn’t the only early retirement income Eric has got. We’ll review his substantial real estate portfolio and detail Eric's almost unbelievable tax savings from combining tax-advantaged rental properties with rule 72(t).

Plus, Eric shares how he built a multimillion-dollar nest egg by his mid-forties and why those starting young on the path to early retirement can repeat his strategy to be much richer in retirement. Do you have money sitting in retirement accounts that you’re ready to use? The 72(t) rule might be just what you need.

00:00 intro
01:14 What is Rule 72(t)?
05:30 Avoiding Early Withdrawal Penalties
11:12 Building a BIG Nest Egg
17:14 Retiring Early at 47!
18:00 Different Investment Accounts
21:41 Why Withdraw Early?
24:52 Rental Income and Healthcare
30:44 Selling the Rentals?
32:54 Calculating Your 72(t) Income
38:40 Advice for Early Retirement
41:18 Connect with Eric!