Support Iceshanty... Get some great gear and forum goodies... Join The Iceshanty Hardwater Militia
I am getting close to retiring and when I tell people I want to move back to Maine they think I am crazy. I can think of a few good reasons to leave and go north but here is something that shows why life is better therehttp://bangordailynews.com/2018/02/21/outdoors/gouldsboro-man-hauls-25-pound-togue-out-of-tunk-lake/This place is only about 50 feet off the road and I took my son fishing there a few of years ago. Its a beautiful place with room for all who come and nothing but trout and salmon.
NH.No state income tax on your retirement money.
Retirement is a big gial of mine. If the market doesnt tank considerably I'll have what I need at 47. Ironically my daughter will be 18 at that point. Was up 20% ytd this year. That helped the cause a lot!
Is your retirement a 401k? I thought you couldnt withdraw from it without the 10% penalty till 55. My 401k was doing great till the market dropped 1700 points since the end of Jan.. =/
If you have a good CPA and financial investor, the penalty can be avoided.You can use the 72t rule, there are some different rules that go with that.https://www.cprp.com/education-center/irs-72t-rule/The government put a law that the soonest you can withdraw from a 401k is 59 1/2.I retired at 57 in 2014 and it has worked out good.
You can technically withdraw penalty free IF you retire the year you turn 55. If you retire before that, you have to wait till 59 1/2 to withdraw penalty free.
good luck too you. im 70 and still working. I was stupid when I was younger. blew my hard earned money on other things. you younger guys take some advice from me. if you can put as much as you can afford and put it away. i'll survive but will have too sell everything too do it.my land, boat, truck, tractor, etc.
I thought if you were using it without penalty before 59 1/2 if you use it for: 1 First home purchase 2 If you are disabled 3 Medical bills4 Medical Insurance.5 If you die.6 If you set up an Annuity7 Roll it to a 401K8 In the Military reserves if you have served at least 179days since 2001 9 If you have had money in a Roth IRA for 5 years or more.10 College tuition for you ,your spouse , child , grandchild.