Public Safety Worker's - retire early!
The 2015 Trade Priorities and Accountability Act and the SECURE Act 2.0 allows you to retire at 50 or any age with at least 25 years of federal service to avoid the 10% early withdrawal penalty associated with distributions from your government-sponsored retirement plans prior to reaching the age 59 1/2.
Contact us to find out if you are on target for early retirement.
You are considered a “Public Safety Worker,” if you are one of the below, which includes:
- State and Local Police,
- Firemen and EMS Workers
- Federal Public Safety Workers such as Federal Law Enforcement Officers (FDLE) and Federal Firefighters
- Air Traffic Controllers
- Border Protection Officers
- Certain Customs Officials
You have the ability to early retire without the IRS 10% early retirement penalty restrictions being applied to every dollar withdrawn from your government-sponsored retirement plan account over and above the normal federal income taxes due.
Normally if you retire prior to age 59 and 1/2 the IRS imposes an early withdrawal penalty of 10% on retirement account withdrawals. Current law provides an exception to that 10% penalty for individuals who terminate service with 25 years of service or after age 50, if you meet the above job classes and withdraw from their government-sponsored retirement plan.