Hello all,
This is my first post so take it easy on me as this is probably a dumb question, but I can't figure out the answer.
As is the theme of the site, I want to retire early. I am in process of creating that plan, but my biggest question right now is how I access my retirement money in my 40's without taking hefty penalties? I'm contributing a large chunk of my paycheck to my company's 401k, but everything I find says that I can't access that until I'm 59 1/2 years old. I have found something called a SSEP (I think) which says that you can take substantial equal payments on a monthly basis starting at 55, but that included several stipulations and still doesn't get me to my goal of retiring in my 40's.
Should I lower my 401k contributions and put the difference into the stock market? It seems like there has to be a better alternative since this is after-tax dollars which just seems wrong.
Someone please fill me in! Thanks.
This is my first post so take it easy on me as this is probably a dumb question, but I can't figure out the answer.
As is the theme of the site, I want to retire early. I am in process of creating that plan, but my biggest question right now is how I access my retirement money in my 40's without taking hefty penalties? I'm contributing a large chunk of my paycheck to my company's 401k, but everything I find says that I can't access that until I'm 59 1/2 years old. I have found something called a SSEP (I think) which says that you can take substantial equal payments on a monthly basis starting at 55, but that included several stipulations and still doesn't get me to my goal of retiring in my 40's.
Should I lower my 401k contributions and put the difference into the stock market? It seems like there has to be a better alternative since this is after-tax dollars which just seems wrong.
Someone please fill me in! Thanks.