Submitted by PaOrolo t3_107j546 in personalfinance
There are plenty of common tips for planning your retirement which usually implies a person's 60s. 401k's and IRA's are setup to pull when you're basically 60 or older otherwise you're penalized. Social security kicks in then, Medicare kicks in then.
But for people who make it a goal to retire in their 50s or younger, what are some popular methods for doing so? Where do they put their money until then? Do they take the penalty on their 401k or IRA?
What are the unexpected costs of doing so? Obviously you're paying for healthcare out of pocket (if you live in the US anyway). Housing. Utilities. Food. All the normal things. Anything that isn't in the normal list?