Under 50, which Curt is. Over 50 there are catch up contributions one can make. I was replying to Curt's comment, although I didn't quote him. You can start drawing from funds penalty free at 59 1/2,
You can conceivably draw funds from a retirement account at 55, however it's a bit complicated. https://www.forbes.com/sites/kristinmckenna/2020/07/21/is-55-too-early-to-retire-what-you-need-to-retire-early/ A sad reality for many, is they were able to tap their retirement accounts penalty free because of the CARES act. Not particularly wise. https://www.fool.com/retirement/2020/03/31/you-can-now-raid-your-retirement-plan-early-withou.aspx Rick From: mercedes@okiebenz.com Sent: January 2, 2021 6:33 PM To: mercedes@okiebenz.com Reply-to: mercedes@okiebenz.com Cc: d...@penoff.com Subject: Re: [MBZ] question for young investor More of a semantic question, but I understand. And those are limits of you’re under a certain age, like 59-1/2, too, I believe. -D > On Jan 2, 2021, at 7:27 PM, Rick Knoble via Mercedes > <mercedes@okiebenz.com<mailto:mercedes@okiebenz.com>> wrote: > > 19,500 into a 401k. > 6,000 into an IRA. > > https://www.kiplinger.com/retirement/retirement-plans/601632/bad-news-on-ira-and-401k-contribution-limits-for-2021?amp > > Rick _______________________________________ http://www.okiebenz.com To search list archives http://www.okiebenz.com/archive/ To Unsubscribe or change delivery options go to: http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
