By Dr. David Eifrig in Retirement Millionaire:

Sitting on a pile of IRA money and wishing you could use it? Want to buy your dream piece of real estate, but don't have a job or enough cash flow? This IRA secret is for you. Some of you may want to retire now, but aren't yet 59 1/2 years old. Well, using this little-known secret in the IRS code, I can show you how to get your money today without paying any IRS penalties, fines, or extra taxes.

Your broker probably doesn't want you to know about this either. If you start taking your money out of your account, his fees to manage your IRA get smaller. But through an IRS loophole, you can retire today and begin your "Early IRA Distribution" tomorrow. This method is perfectly legal and simple to do. Even the rationale behind the loophole makes sense.

As you take the money out, pay regular income taxes on it (but no fines or early withdrawal penalties), use whatever you need, you can STILL make regular contributions to a separate IRA if you'd like. Here's how...

The IRS has a rule called the 72(t)(1) which provides for a 10% tax on early distributions from an IRA before the age of 59.5. But if you take out your IRA money, in what the IRS calls "substantially equal periodic payments," for at least five years or until you reach 59.5 years, then you pay no penalty. All you do is pay regular income tax rates on the income (which you would eventually have to anyway).

The IRS allows you to determine the amount using one of three different methods:

· Required Minimum Distribution method (RMD)

· Fixed Amortization method

· Fixed Annuitization method

Essentially, the methods look at tables to estimate your life expectancy and apply an interest rate to the IRA balance. The methods provide a dollar amount that you may pull out every year over your lifetime and not run out of money.

A Forbes article shows how a chiropractor, Alfonse DeMaria, took $700,000 in his IRA and converted it to a $3,000-a-month income stream. He bought himself a six-bedroom home with 269 acres in rural New York to enjoy now with his family. "My kids and I can start enjoying the house now rather than 25 years from now, and it will still be here then, too," he said.

If you just lost your job and are thinking about an early retirement, this secret really helps provide a source of income. If you have a large sum of money in your 401(k) and looking for another job isn't appealing, consider retiring early. It's quite simple to do. Just roll the money over to a self-directed IRA and start taking it out using this method. Perhaps you don't need that much income? Consider rolling your 401(k) into two different IRAs. Keep one growing and start the 72(t) withdrawal process in the other. Again, this is perfectly legal and perfectly simple.

Crux Note: For more great ideas for living retirement on your own terms, regardless of what's going on in the markets or the economy, click here.

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