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Can you retire early at 55?

It is possible to retire early at age 55, but most people are not eligible for Social Security retirement benefits until they're 62, and typically people must wait until age 59 ½ to make penalty-free withdrawals from 401 (k)s or other retirement accounts.

Should you retire in your 50's?

Retiring in your 50’s is a much more attainable goal, especially if you start early. Increasing your investing rate kills two birds with one stone. If you’re able to invest more, the amount you need to live on decreases, which simultaneously reduces the amount you need saved to retire early, and gets you to the finish line faster.

What happens if you retire at 55?

If you retire at age 55, you probably won’t be eligible to receive Social Security retirement benefits for several years or be able to withdraw money from your retirement accounts without paying a 10% early withdrawal penalty. Additionally, for most people, Medicare won’t kick in for another 10 years. 62. 65. 59 1/2. 59 1/2.

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