Saving money can be a real challenge. You know you should, but some months it feels like you’re barely making ends meet. And no matter how much you actually make, it never feels like enough. Fortunately, there are some painless steps you can take to get your savings back on track. Below are a few of my favorite tips for ways you can save more money: … [Read more...] about 10 Tips for Saving More Money
Individual Retirement Account
Retire Early Using a 72(t)
If you’re doing a good job of saving up for retirement and looking at the possibility of meeting your goals sooner than later, one of the next biggest hurdles you’ll have to overcome is how to physically get your money out of your retirement accounts. For most personal accounts such as a 401(k), 403(b), or IRA, you have to wait until age 59-1/2 or get slapped with a hefty 10% penalty fee. There are special exceptions to the 401(k) and 403(b) that may allow you to access your money without penalty by age 55. But even still, what if you are able to retire even sooner than that? Fortunately, this is where a 72(t) comes in. A 72(t) is a little-known tax code within the IRS laws that allows an individual under the age of 59-1/2 to take … [Read more...] about Retire Early Using a 72(t)
