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He's retired from the military several years ago so he has that pension coming in monthly. In his second career, he was able to sock away a lot of money in his 401K, in excess of $500K or so, before he fully retired a few months ago.
We were talking about Social Security's sorry state and he asked if he would be able to take early benefits at age 62 in addition to taking his 401K withdrawals.
I have no idea and neither does he.
So, to recap:
1. He has a military pension.
2. He is able to draw 401K funds (age 59 1/2) in about a year.
3. Can he still apply for early SS retirement at age 62?
The SS reduction is on earned income and 401K withdrawals don't matter. His benefit is reduced because of the early withdrawal but often that works out to be the better option because it's 3 years of not taking the income. Since he is in such a good position financially he may want to run the numbers to see what the difference between the benefit reduction is and what the break even point is for waiting to age 65. He may want to contact a financial planner to help him with his withdrawals too because he will want to be strategic about them to minimize taxes too.