In this video, I want to discuss the rule of 55 that helps individuals with a 401k retire at 55. This retirement planning rule gives individuals and families who are doing retirement planning at 50, the ability to determine if retiring at 55 is a good financial planning and retirement planning decision.
What is the Rule of 55?
The Rule of 55 allows someone with a 401k to use that 401k for retirement income between the ages of 55 and 59 without paying a 10% penalty.
In order to use the rule of 55, you must be turning 55 in the year you leave your job and you must use your current 401k for retirement income.
If you are younger than 55 or you use an old 401k or IRA for retirement income before 59.5, you will pay a 10% penalty.
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.
**To schedule your virtual retirement and investment consultation with Drew, please select a day & time that works best for you: https://calendly.com/pearlwealthgroup/discoverycall ** ☎️
❌ **Please make sure you talk with your CPA, Financial Advisor, Retirement Planner, or Investment Advisor Representative, before implementing any content from this channel. All videos are for informational and educational purposes only. None of the content, comments, responses, information, or any other item on this channel constitutes financial advice or recommendations. Please call Pearl Wealth Group at 813-807-5060 to go through your Retirement Income, Retirement Investments, or Retirement Plan in more detail.** ❌