That’s the big question in retirement planning, isn’t it? There are a couple of key ages you should be aware of, as well as where you’re at in terms of your stage of life.
Age 59 ½, by rule of thumb, is kind of that magical number in terms of when you can take money from your retirement plans without paying an early withdrawal penalty to do so. So, if you are under age 59 ½, you want to make sure that you’re planning accordingly so that you don’t get hit unnecessarily with any early withdrawal penalties.
The other thing that you want to look at, especially if you have a pension plan or other types of employer-sponsored benefits, is if you are fully vested in those plans? Sometimes waiting a few more years can make a big difference in how vested you are in your plan benefits. In other words, how much money will end up in your pocket?
If you have any questions on this and want to review where you’re at right now and if you can retire, give us a call and we’ll help you find that out.
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