When retirement is on the horizon, you may think most of your hard work and careful planning is behind you. But to make the most of your retirement plans, there are still some important things you’ll need to consider now and into the future.
Factor these age-based milestones into your retirement planning to help you make the most of your retirement income.
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Per the IRS Rule of 55, you may be able to withdraw funds from your current employer-sponsored 401(k) or 403(b) plans without incurring a 10 percent penalty if you've left your job in or after the year you turn 55 and your employer's plan supports this rule (regular income taxes still apply). It does not apply to IRAs, or if you roll your 401(k) or 403(b) into an individual IRA.
55 & 59½