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Substantially equal periodic payments. Substantially equal periodic payments (SEPP) are one of the exceptions in the United States Internal Revenue Code that allows a retiree to receive payments before age 59 from a retirement plan or deferred annuity without the 10% early distribution penalty under certain circumstances. [1]
401 (k) In the United States, a 401 (k) plan is an employer-sponsored, defined-contribution, personal pension (savings) account, as defined in subsection 401 (k) of the U.S. Internal Revenue Code. [1] Periodic employee contributions come directly out of their paychecks, and may be matched by the employer.
Just like the name indicates, you can take a series of substantially equal periodic payments – or SEPP – from your retirement account without facing the 10% early withdrawal penalty.
SEP-IRA. A Simplified Employee Pension Individual Retirement Arrangement ( SEP IRA) is a variation of the Individual Retirement Account used in the United States. SEP IRAs are adopted by business owners to provide retirement benefits for themselves and their employees. [1] There are no significant administration costs for a self-employed person ...
Retiring at age 59 is (sometimes) possible if you plan and prepare for it. Start by knowing how much income you can generate after leaving work. Then prepare a post-retirement budget. Fill any ...
And if you hold these assets in tax-advantaged retirement accounts, you cannot retire until age 59.5 without potentially encountering penalties (though you can avoid this with the rule of 55).
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