Timothy Sumer

What are the early withdrawal rules for 401K, 403b, 457, and TSP? Let's go over how much you need to invest every year to have $1 million by age 55. High-Yield Savings Account with Ally Bank (Affiliate): ➡️ Private Group Coaching with Psy ➡️ 🤳 Psy on TikTok, Facebook, Instagram 🤳 ➡️ 📖 Get Your Free Financial Spreadsheets and Resources 📖 ➡️ 👨‍🏫 Free Financial Coaching 👩‍🏫 Schedule a free 20-minute Individual Coaching Session Schedule a free 30-minute Couple's Coaching Session ➡️ 📖 My YouTube Studio & Equipment 📖 ➡️ For sponsorships and business inquiries ➡️ media@firepsychat.com 📷 Additional FIRE Videos Mentioned In this Video 📷 Our $3.7 Mil Fat FIRE Plan - How We're Saving 70% of Income (2023) - My $1.1 Mil Fat FIRE Progress (Sep 2022) - How to Become an Ordinary Millionaire - How to Start F.I.R.E - The Ultimate F.I.R.E Guide - How to Invest in an HSA - Become a TSP Millionaire - Financial Independence Calculator - ⏰ Tab

Most people retire around age 62, and most retirement advice is geared toward those who retire well after age 55. So if you’re retiring at 55, you need to be especially careful about typical rules and strategies—because they might not apply to you. 🤩 Check out my free online retirement calculator designed for early retirement: 🤩 For instance, getting health coverage could be a challenge after you leave your job. But you might have several options, and some tax strategies might help you save money on premiums. Get free retirement planning resources: 🔑 9 Keys to retirement planning 🐢 6 Safest Investments If you found the video helpful, you'll enjoy the information above! There’s also the question of where to get money from before age 59.5. Retirement accounts typically have early withdrawal penalties, but the tax code offers several ways to get money out early. We’ll review those here. Related videos: - Health Care in Retirement: - Retirement Spending Realit