Should you withdrawal your retirement funds early? It may seem like a great source of funds to meet your current financial obligations, but the long term effect of an early retirement withdrawal might not be worth doing so to meet short term financial obligations.
Retirement planning is not something to begin planning when one only has six months until retiring. One should plan retirement long before retirement is around the corner.
There are as many reasons for early retirement as there are people in the workforce. Some people plan to save enough money to retire early and enjoy life. For others it might be because ones job is being automated and there isn’t a need for people anymore.
A 401K retirement plan is an employer sponsored retirement savings plan in which the employee may contribute during their employment to be subsidized by the employer.