The theme this week on the One Minute Retirement Tip podcast is: critical ages for retirement planning. Today we’re talking about why age 59 1/2 is so important:

• Little known reason why 59 ½ is important is because it’s the earliest age most plans allow for in-service distributions - check with your 401k plan 
• • What is an in-service distribution?
  • Why take an in service distribution? 
• More well-known reason why 59 ½ matters for your retirement is because it’s the age when the 10% early withdrawal penalty for Roth, Traditional IRA and old 401k accounts no longer applies. 
• • Generally, you don’t want to start tapping into these accounts quite this early, but depending on your health situation and when you retire, it’s good to know your options for avoiding penalties and costly mistakes. 

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance