loader from loading.io

72(t) Expert Tells All: No More Secrets About Early Withdrawals (Part 1) | Bill Stecker | 131

Catching Up to FI: Financial Independence for Late Starters

Release Date: 03/30/2025

🥳Celebrating 1 Million Downloads- Thank You! | Bill & Jackie | 146 show art 🥳Celebrating 1 Million Downloads- Thank You! | Bill & Jackie | 146

Catching Up to FI: Financial Independence for Late Starters

We just hit 1 Million Podcast Downloads... that puts us in the top 1% of podcasts world wide!!! And we have you to thank 💞 This is a special message from Bill and Jackie to everyone that helped the podcast grow to this level. We are so grateful for the support and looking forward to the next million downloads with our regular Sunday episodes and occasional pop-up episodes on Wednesdays.  🌐  🔗 📩 ☕ Like what you hear on Catching Up to FI? Support the show at   🎙️We love hearing from you! Record a Voice Message with your feedback or question   ...

info_outline
Good Times with rich & REGULAR | Julien and Kiersten Saunders | 145 show art Good Times with rich & REGULAR | Julien and Kiersten Saunders | 145

Catching Up to FI: Financial Independence for Late Starters

In this episode we are joined by Julien and Kiersten Saunders, co-creators of rich & REGULAR and authors of 'Cashing Out: Win the Wealth Game by Walking Away'. What started as a blog in 2017 has grown into a multimedia powerhouse, all centered around their mission… to inspire better conversations about money. Hear why Julien walked out of corporate life before he had 'FU money,' and how Kiersten's Valentine's Day resignation collided with the pandemic. They also talk to us about:  Their 15-year 'Cashing Out' career sprint The power of 'Money on the Table' (think Anthony Bourdain...

info_outline
Once Upon a FI | Paul & Amanda Mollenkopf | 144 show art Once Upon a FI | Paul & Amanda Mollenkopf | 144

Catching Up to FI: Financial Independence for Late Starters

Childhood crushes can bloom into full-blown FI fairy tales, and Paul and Amanda Mollenkopf are living proof. They join us to tell their story and showcase the world premiere of Paul's first book, ‘Once Upon a FI.’ What started out as letters to his daughter grew into a delightful collection of short stories inspired by timeless classics and fables. The book is a refreshing approach to spreading the message of financial independence to even the youngest readers. The clever analogies using classic tales inspire valuable generational conversations around money and include: The Tortoise...

info_outline
Borderless FI: Australian Paramedic Healing Her Own Trauma | Tasch Rogers | 143 show art Borderless FI: Australian Paramedic Healing Her Own Trauma | Tasch Rogers | 143

Catching Up to FI: Financial Independence for Late Starters

Aussie paramedic-turned-life-coach Tasch Rogers joins us to unpack the head-on crash that shattered her body, her finances—and ultimately her limiting beliefs. After a 30-year career as a first responder, she had to leave it all behind and start over. She became intimately familiar with the effects of trauma and PTSD, having personally navigated through her own healing journey. Now as a life coach with expertise in holistic modalities and various other disciplines, she helps others using a warm, compassionate, and non-judgmental approach.  ***Trigger Warning: This episode includes...

info_outline
Smart Money Moves After 50 | Bill Yount | 142 show art Smart Money Moves After 50 | Bill Yount | 142

Catching Up to FI: Financial Independence for Late Starters

Bill hops onto Jesse Cramer's 'Personal Finance for Long-Term Investors' (formally The Best Interest) podcast to spread the message that it's never too late to start. In this episode he shares: The messy, shame-to-FI journey that inspired Catching Up to FI His three-step "Pause-Plan-Pivot" playbook His trademark mix of candor, nerdy humor, and high-five optimism   🌐  🔗 ☕ Like what you hear on Catching Up to FI? Support the show at   🎙️We love hearing from you! Record a Voice Message with your feedback or question    ===DEALS & DISCOUNTS FROM...

info_outline
The Three Kinder Questions (Part 2) | George Kinder | 141 show art The Three Kinder Questions (Part 2) | George Kinder | 141

Catching Up to FI: Financial Independence for Late Starters

George Kinder is the pioneering mind behind Life Planning and founder of the Kinder Institute. He joins us for the second half of our enlightening conversation about the essence of financial freedom from last week. George is best known as the Father of Life Planning and creator of The Three Kinder Questions that probe deeper into our hopes, dreams, and fears. This episode brings you: The real meaning behind the Kinder Questions A little live therapy session with Bill & Jackie as they share thier answers to the Kinder Questions The EVOKE life‑planning process...

info_outline
The Father of Financial Life Planning (Part 1) | George Kinder | 140 show art The Father of Financial Life Planning (Part 1) | George Kinder | 140

Catching Up to FI: Financial Independence for Late Starters

In part one of this enlightening two-part series, we are joined by George Kinder, founder of the Kinder Institute. He’s best known as the Father of Life Planning and creator of The Three Kinder Questions that probe deeper into our hopes, dreams, and fears. In this episode we discuss: The essence of financial maturity The profound practice of living in the present moment to achieve true freedom The power of envisioning meaningful goals and the practical steps to integrate them into your financial planning Tips to embark on your own hero's journey towards financial and personal fulfillment ...

info_outline
Vote Your Money: Values Aligned Investing | Janine Firpo | 139 show art Vote Your Money: Values Aligned Investing | Janine Firpo | 139

Catching Up to FI: Financial Independence for Late Starters

Today on the show we welcome Janine Firpo, an accomplished speaker, author, and social entrepreneur, dedicated to empowering women through values-aligned investing. She has a relentless drive to make a difference and poured it all into her book, 'Activate Your Money: Invest to Grow Your Wealth and Build a Better World'. In this episode, you will learn: How Janine transitioned from a lucrative career in big tech to impact investing The importance of aligning financial goals with social values How to integrate ethical considerations into your investment portfolio Practical steps you can take to...

info_outline
Catching Up to FI in Uncertain Times | Bill & Jackie | 138 show art Catching Up to FI in Uncertain Times | Bill & Jackie | 138

Catching Up to FI: Financial Independence for Late Starters

In this episode, Bill & Jackie joined Doc G (Jordan Grumet) on the 'Earn & Invest Podcast' to talk about what it feels like to be a late starter in these uncertain times. Questions about a recession are looming and it's scary, especially for those just waking up and trying to catch up. They discuss the ups and downs and how late starters can still stay on track.   🔗 ☕ Like what you hear on Catching Up to FI? Support the show at   🎙️We love hearing from you! Record a Voice Message with your feedback or question   ===  DEALS AND DISCOUNTS FROM OUR TRUSTED...

info_outline
International Educator, Bali FIRE | Amy Minkley | 137 show art International Educator, Bali FIRE | Amy Minkley | 137

Catching Up to FI: Financial Independence for Late Starters

Amy Minkley is the founder of FI Freedom Retreats, a passion project that was born out of her love and gratitude for the F.I.R.E. (Financial Independence, Retire Early) movement and community. In this episode, she shares her journey to achieving financial independence (FI) while living in Bali, Indonesia. Amy gives us a glimpse into her lavish yet affordable lifestyle, spending only $30k a year. She details her frugal upbringing, early teaching career in Japan, and subsequent well-paid international teaching positions that allowed her to save aggressively. The episode also highlights Amy's...

info_outline
 
More Episodes

One of the most frequent questions we get about retiring early is: 'How do I get money out of my retirement accounts before age 59.5, without paying the 10% penalty'? This episode answers that question and more with CPA and 72(t) expert, Bill Stecker. Bill is the founder of The Marble Group which specializes in federal income taxes and early retirement distributions. He's also the brilliant mind behind the website '72tcalc', hands down the most comprehensive resource we've found specifically focusing on 72(t)s. Cohost Jackie knows because she set up her own substantially equal periodic payments (SEPP) using IRS rule 72(t) in 2024 and will share some details of her first-hand experience.

If you've been fearful and confused about how 72(t)s work, fear no more! In this episode, we thoroughly break down everything you need to know in a way you've never heard before. We also discuss more than a dozen other ways the IRS allows you to legally avoid federal tax penalties for early withdrawals from your retirement accounts. To make sure we did this topic justice, we turned it into a 2-part series. This is part 1, and part 2 will be released next week; both packed with valuable insights and practical tips for anyone considering early retirement.

 

⚠️ Clarifications from this episode:

IRS ‘Rule of 50’ for public safety workers who retire after age 50 are exempt from the 10% early distribution penalty. It does include EMTs (Emergency Medical Technicians), however, it does not include all doctors and nurses (see IRS code linked below or read this article).  
 
For medical expenses, the 10% early withdrawal penalty can be waived without itemizing your deductions if the amount of unreimbursed medical expenses is more than 7.5% AGI.  (see IRS code linked below or read this article).

 

🔗Connect with us

☕ Like what you hear on Catching Up to FI? Support the show at "Buy Me a Coffee" 

🎙️We love hearing from you! Record a Voice Message with your feedback or question Record a Voice Message with your feedback or question

 

===  THANK YOU TO OUR SPONSOR  ===

📈 Boldin (formerly NewRetirement) is our newest sponsor!  Boldin is retirement planning software that's like having a financial advisor at your fingertips. You can get started with the free version or choose the premium option (PlannerPlus) and get a 14-day free trial. Be sure to use this link to get started:  Go.boldin.com/catchingup

For a full list of our partners, sponsors and affiliates, click here: catchinguptofi.com/our-partners

 

RESOURCES MENTIONED ON THE SHOW:

🌐72tcalc.com Website

Free consultation with Bill Stecker’s Firm- The Marble Group

email: [email protected]

Phone: (312) 361-0221

Jackie’s review of 72tcalc.com website

Most recent IRS list of exceptions to 10% tax penalty on early withdrawals

IRS Tax Code 72(t)- Substantially Equal Periodic Payments (SEPP)

IRS Single Life Table- Effective 1/1/2022

IRS website with the listing of recent interest rates (120% of Applicable Federal Midterm Rate)

IRA first time homebuyer exception (you are considered a first-timer if you haven't owned a primary home the past 2 years)

Rule 72(t) Example- Eric Cooper

Rule 72(t) Example- Dare to Draw Down

 

📱72(t) CALCULATORS

FI Tax Guy Google Sheet 

Dinkytown

CalcXML

72tcalc 

72net

 

If you enjoyed this episode, please follow the show on your podcast player and leave us a rating or review. If you want to watch, be sure to subscribe to our YouTube Channel. This helps others find the show and keeps us creating great content for you!

 

⚠️Disclaimer: Our content is for general education and information purposes only. We are not providing financial, legal, or tax advice. Always do your own research or consult a professional before making important decisions.