Well, I’m retired for 7 years now and am living off of my IRA income. I was planning on selling my house in a few years and augmenting my income after some inflation. If he’s going to take 1/3 of the profits, that’s gonna leave a mark. I don’t live on much money. I plan my tax liability ahead of time and remove the proper amount. I’m not the kind of person that figures out how much money I need for my diesel pusher motor home and my trip to Alaska and removes $80k and to hell with the taxes and penalty. I usually take out the maximum I can take and still pay about 10%. If I need more, I get it elsewhere. When I retired I knew my lifestyle would change drastically.
BUMP!
We are moving people out of 401ks etc as fast as we can. We used to approach them, but now the phone is ringing off the hook.
At least you did something and took care of yourself. I did the same thing, because I didn't know any different.