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I retired at 51!
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<blockquote data-quote="Babagounj" data-source="post: 5392299" data-attributes="member: 12952"><p>I've been taking out money from my 401K for years.</p><p>The formula is { ( amount removed ) minus $10 ( fee ) } times .746 equals what I would receive.</p><p>The 0.254 amount is what the Fed & state take for their share.</p><p></p><p>Best to remove the highest amounts prior to age 65. </p><p>Once you start on Medicare , your income level set what you will be charged for your premiums going forward for Part B { Medical Insurance } & Part D { Prescription Dug Plan } IRMAA.</p><p>IRMAA means Income-Related Monthly Adjustment Amounts, there is a sliding scale and it changes yearly.</p></blockquote><p></p>
[QUOTE="Babagounj, post: 5392299, member: 12952"] I've been taking out money from my 401K for years. The formula is { ( amount removed ) minus $10 ( fee ) } times .746 equals what I would receive. The 0.254 amount is what the Fed & state take for their share. Best to remove the highest amounts prior to age 65. Once you start on Medicare , your income level set what you will be charged for your premiums going forward for Part B { Medical Insurance } & Part D { Prescription Dug Plan } IRMAA. IRMAA means Income-Related Monthly Adjustment Amounts, there is a sliding scale and it changes yearly. [/QUOTE]
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I retired at 51!
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