Planning to Retire in 10 Years? Do These 4 Things First
Effective retirement planning is a key component to broad financial planning. By the time you turn 50, you might start to consider what life may be like after you decide to stop working a traditional job, and how the myriad aspects (both financial and non-financial) of a work-free life could impact your happiness overall.
Here are four things to do when you're about 10 years away from retirement.
You'll want to check for a provision called the rule of 55, which allows for penalty-free retirement distributions at age 55 or older. The only catch is that you'll need to have separated from your most recent employer to take advantage of the penalty waiver. Note that while you'll be able to skip out on the 10% penalty on any amounts withdrawn, you'll still be liable for ordinary income tax on what you take out.
Source Fool.com
