Retirement saving and planning: If you have made prudent financial choices that will allow you to retire early (early meaning before age 59 1/2), what sort of plan should you employ for taking advantage of those retirement accounts without losing some of the valuable money you’ve set aside? See below for some well-thought-out perspectives:
- Read: Mad Fientist has written a lot about the benefits of tax-advantaged accounts and why they are especially beneficial for people planning on retiring early. He’s even created a real-time experiment to prove that utilizing tax-advantaged accounts is the best way to speed up your journey to financial independence. In this post How to Access Retirement Funds Early he writes about all the ways you can access the money in retirement accounts prior to standard retirement age.
- Listen: Have you ever wanted to invest through an IRA or 401(k) for the purpose of early retirement but found yourself stymied by the thought of paying a 10% penalty tax to gain access to your money? Listen to Joshua Sheats’ approach in this podcast, How You Can Get More Money For Early Retirement.
- Watch: This article and short video detail how dividends on IRAs are taxed. An IRA is a great option to save for retirement. The key is to know the rules for withdrawals before you invest, so you do not face any tax surprises at retirement.
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You can click on the links below to access this month’s resources. Thanks for reading, listening, and watching!