Quote:
Originally Posted by PostRockPablo
Put back 6% every pay period; employer contributes 4.5%.
I'm 26, so I figure I could target retirement around 58 or so and be comfortable.
|
59.5 years old. That's the first year that you can withdraw money from your IRA or 401k without the 10% penalty and State penalty (which depends on your state).
Also, keep in mind that you will pay taxes on the money that's withdrawn. It's not tax free. Oh, and depending on the plan that your employer set up, there could be administration fees taken out as well.