How To Retire Early With The Rule Of 55
Retire Early at 55 with 401k Rule of 55 or IRA Rule 72T || Retire at 55
In this video, I want to discuss the 401k Rule of 55 and the IRA Rule of 72T.
What is the rule of 55?
The rule of 55 allows anyone with a 401k to use their 401k for retirement income if they are terminated, leave their job, or retire in the year they turn 55 or later without incurring a 10% penalty for being under the age of 59.5.
If you are wanting to retire at 55 or doing retirement planning at 50 then understanding the rule of 55 and how that correlates to your 401k and retirement income is imperative for your retirement planning.
I also want to discuss a 72T.
A 72T is a way for someone who wants to retire with an IRA to use their IRA for retirement income and avoid the 10% penalty that comes from an IRA withdrawal under the age of 59 1/2.
Retirement income strategies and retirement income planning are two big pieces to anyones retirement planning calculator. Whether you are wanting to know strategies for “retirement planning at 30”, “retirement planning at 40”, “retirement planning at 50”, or even “retirement planning at 60” understanding how much retirement income that you want versus how much you need gives you a roadmap to follow to and through retirement.
Here at Pearl Wealth Group, we run a trademarked retirement investment and retirement income plan for individuals and families who are wanting to retire called “Your Financial EKG™.” What we are trying to visualize is how long a persons retirement savings are going to last throughout retirement. If you are looking for early retirement planning tips or trying to saving for retirement in your 50’s, You Financial EKG™ is a great tool to help you understand where you are retirement planning. Retirement planning and retirement income strategies shouldn’t be complicated. They should just be done right.
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