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View Poll Results: Are you on track to retire?
No way! It's a global banker illuminati conspiracy I read about on infowars.com! 3 3.06%
We're just living paycheck to paycheck - I'll worry about that when the time comes. 14 14.29%
We've put away a little, but I doubt we're on track. 27 27.55%
My retirement plan involves a second career, "welcome to walmart!" 6 6.12%
Saving steadily here and believe we're on track to retire at 65. 27 27.55%
I'm looking at early retirement 15 15.31%
I built myself a small fortune early I'm just doing what I want now 4 4.08%
trust fund bro! 2 2.04%
Voters: 98. You may not vote on this poll

 
 
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Old 08-19-2012, 03:01 PM   #10
DaneMcCloud DaneMcCloud is offline
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Join Date: Sep 2000
Location: Hollywood, CA
Casino cash: $10053648
Quote:
Originally Posted by PostRockPablo View Post
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Also, keep in mind that you will pay taxes on the money that's withdrawn.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.
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