You'll also need to plan on taking IRA withdrawals as required minimum distributions begin at age 70 1/2.
If you miss these there is a hefty penalty, so make sure you start them on time.
This option allows you to take money out before age 59 1/2 without paying the early withdrawal penalty.
Unfortunately too many folks wait until the last minute, such as when their company offers an early-retirement package. Start your analysis by looking into what factors play into the retirement decision at various ages.
All retirees need to work through calculations to determine how long their money may last - but someone who wants to retire at 50 has a different set of underlying assumptions they will need to use when compared to someone who wants to retire at 70.
If you have sufficient savings, retiring at age 55 may be more feasible than you think. Many people assume their retirement money is off limits until they reach age 59 1/2, but a special rule in most 401(k) plans allows penalty-free withdrawals from age 55 - 59 1/2 - .
Taking money out of retirement accounts early while delaying the start age for Social Security to age 70 can often make an early retirement feasible.