Section 72(t) of the IRS code provides a means for individuals to take early withdrawals from their retirement accounts without the usual 10% penalty by taking Substantially Equal Periodic Payments based on their life expectancy or a joint life expectancy with a beneficiary. The same calculation methods for SEPP apply under section 72(t). While this method allows for earlier access to retirement funds, it locks individuals into a withdrawal schedule, potentially depleting retirement savings faster than desired.