4 Tricks 50-Somethings Can Leverage to Retire Early

Retiring early has its perks, but it has its problems too. Some of the most frustrating are the annual contribution limits and the early withdrawal penalties for those under 59 1/2. Fortunately for 50-somethings, there are some ways around these issues. We'll look at a few of them below.

Adults 50 and older are allowed to make catch-up contributions to their retirement accounts. In 2021, they're allowed to contribute up to $26,000 to a 401(k), compared to just $19,500 for adults under 50. They can also contribute up to $7,000 to an IRA each year -- $1,000 above the limit for adults under 50.

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Source Fool.com