At 59½ you can finally get at those dollars you have been stashing away for years in your retirement plans without paying a 10% penalty.
Age 55 seems to be a magical number. It’s the elusive goal for retiring early!
Congress increased the amount workers could contribute to their retirement plans but then realized that older workers closer to retirement were in rough shape.
Let’s start with the employer plans, 60% of employers offer some sort of retirement plan, but only about 50% of employees take advantage of the plans offered.
According to the Employee Benefit Research Institute’s latest study on borrowing, more than 20% of participants have outstanding loans from their retirement plans.
When a Boston daycare and pre-school shut down, its workers tried to access their retirement savings. Some found big discrepancies between what they put in and what was actually deposited.
Mid-year is a good time to take stock of your retirement accounts.
Congress and the IRS decided that you cannot leave your pre-tax retirement savings growing forever tax-deferred, so they chose 70½ for you to begin mandatory withdrawals.
Age 55 seems to be a magical number…but very few individuals can realize an early retirement.
Many birthdays are key to successful retirement planning…and as these birthdays creep up, you need to do some planning.