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Unlocking the Power of 59 and a Half: Your 401(k) & Retirement Myths Debunked

September 14, 2023

Have you heard that 60 is the new 40? While that may hold true for many aspects of life, in the world of retirement planning, the age 59 and a half takes the spotlight. Join Steve as he delves into the significance of this age when it comes to your 401(k) and shares real-life examples that dispel common retirement myths.

Steve starts by explaining the key rule of 59 and a half – the magic age at which the penalty for early withdrawals from your 401(k) vanishes. Whether it’s your 401(k) or your IRA, turning 59 and a half is a pivotal moment in retirement planning.

But there’s more to it. Steve highlights how, in the case of 401(k) plans, many companies permit employees to move their funds into an IRA once they reach this age. This move is non-taxable and unlocks a world of possibilities for optimizing your retirement savings.

Steve underlines the importance of tax planning in retirement, especially in light of potential future tax increases. He encourages listeners to consider tax-efficient strategies while tax rates are historically low.

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Tune in with Steve Aul for “The Aul Financial Hour” every Saturday at 10 a.m. on KMOX News Radio 1120!