Know the Rules for Being Able to Tap Retirement Savings Early
Don’t expect to tap into your savings the moment you retire. Different saving methods have different rules- all of which you should be well aware of before you even retire.
If you want to retire before you turn 59.5 then you might want to start making withdrawals from your IRAs and 401(k) plans. In that case, you might be surprised to be hit with a 10% penalty.
So, before you touch any money, make sure you’re not going to pay steeply for any mistakes!
Create Your Long-Term Retirement Budget
Just because you’ve looked at your budget now doesn’t mean you shouldn’t look at your budget in the future. This will help you figure out how much harder you have to work now, too. If you don’t plan on spending too much, no need to go overboard with your budget right away, right?