Is there alternative to the normal 401k/Roth iRAs. That’s pre-taxed, and doesn’t have age restrictions?

[chriscrossan]

Hi, so I’m starting to get back into the workforce soon. I’ve been out because of my disability, I have autism along with a few other issues.

Well I’ve been thinking about retirement options, and I don’t like the normal retirement plan that most folks have!

I want one that doesn’t have age restrictions, pre-taxes the money, and diversifies my investments. I just hate the idea of the government saying when I can use my retirement money or not.

My goal is to get eventually get a decently paying job. Then just place most of it into my retirement. Idk if this is even possible especially in this economy.

My retirement goal is to never fully retire just semi-retire with me living off the income from a part time job, and a bit off the top of my retirement portfolio

 

[matthewsjc1]

@chriscrossan Well, you have no real options. If you want to contribute pre-tax, it’s your employer 401K or a Traditional IRA. That’s it. Both are designed for access at 59.5, but there are ways to get the money earlier.

 

[chriscrossan]

@matthewsjc1 How do I do that?

 

[matthewsjc1]

@chriscrossan 72t and rule of 55 are the most common. But there are so many reasons NOT to access it early, so most people never need this. Those that are looking at retirement under 60 need cash flow. They often set up Roth bridges or CD ladders.

 

[resjudicata]

@chriscrossan If the money is for retirement, you're best putting it into retirement accounts. If you save enough to retire before 59.5 there are ways to access that money earlier depending on your situation. At the very least contribute enough to a 401k to get the employer match. It's foolish to not take that money. It's part of your salary.

 

[glory2god7]

@chriscrossan After 5 years you can take money out of a Roth IRA equal to your contributions—whenever you want! So if you put 6000 in during 2023, and in 2028 it is worth 8000, you can pull out 6000 without penalty. That gives you at least some flexibility with the money.

 

[sonofstephen]

@chriscrossan If you’re under 26, you can look into ABLE accounts