The pandemic forced three million of America’s Baby Boomers into unexpected retirement, according to economics journalist Nate DiCamillo. This may not be a permanent choice, but it’s a concern for those who are suddenly forced to draw from their retirement accounts indefinitely. In a Gallup survey taken in 2018, most Americans expect to retire at age 66; today, however, most will retire around age 60. That’s about 26% of retirees who must leave the workforce earlier than expected.
Today, we are going to talk about how to draw from accounts considering the early withdrawal penalty. We will discuss in detail the “Rule of 55.”
“Now is no time to think of what you do not have. Think of what you can do with what there is.”
-Ernest Hemingway