Hello Everyone,
I'm brand new here and getting as deep into the Mustachian way of life as I can. I'm 22, and hoping to be somewhere close to retiring by 40 (not sure how ambitious that is, but I'm entering the Engineering field in about a year and expect good pay). Right now, I'm looking into the various retirement accounts available, but one thing has come up that I'd like to ask you all about.
If you retire before age 60, what do you do about those early-withdrawal fees on 401(k)s and IRAs? The number I'm seeing is 10% penalty for taking money out for anything other than a specific list of reasons.
So are those penalties just a fact of life if you retire early with those fancy accounts? One alternative I imagine is just investing with a regular account that lets you withdraw anytime without fees, but then you loose the tax benefits of retirement accounts.