Fixed-annuity guarantees more income for penalty-free early withdrawals from retirement plans. Post-pandemic, more people want to tap their retirement plans so they can retire early. Thanks to an IRS ruling that became effective in January 2022, they now can take bigger early withdrawals without tax penalties. Here’s how it works. If you take out any… Continue reading New IRS Rule Lets Early Retirees Take More Money from Plans
Tag: early retirement
Want Or Need To Retire Early? Tips On How To Pay For It
Delaying retirement has become common for many Americans, either because they saved too little or they just want to continue working because they enjoy it. Others go in the opposite direction. They retire early – sometimes out of choice but often because their health or the economy forces it. While early retirement might sound appealing,… Continue reading Want Or Need To Retire Early? Tips On How To Pay For It
The Absolutely, Positively Best Time To File For Social Security – All Depends
You can begin drawing Social Security as early as age 62, finally getting back those dollars you’ve been paying into the system, possibly since you were a teenager handling cashier duties for a fast-food restaurant. After roughly four decades of non-stop work, it certainly can be enticing. But taking Social Security a few years shy… Continue reading The Absolutely, Positively Best Time To File For Social Security – All Depends
The Social Security Dilemma: Draw Now Or Draw Later?
The temptation is great. Maybe too great for some. The federal government allows retirees to start drawing Social Security as early as age 62, a feature that more than 40 percent of Americans take advantage of as they gladly draw from the system they spent a lifetime paying into. But many of those people may… Continue reading The Social Security Dilemma: Draw Now Or Draw Later?
Why I’m Taking Early Retirement
By Judy Kirkwood
For me, the sixties are more fabulous than the fifties. For one thing, beginning at age 59 1/2, as a sneak preview, you can access your IRA savings – if you have any — with no penalty other than the regular tax (do it before and you’re hit with an additional 10 percent penalty). At age 62 you can apply to receive early Social Security benefits. At 65, we have Medicare and can perhaps drop our expensive healthcare insurance if we’ve been paying privately – depending on who is elected and what happens in Congress.