Question 1

How much do I need to retire?

Accepted Answer

This depends on your desired lifestyle, expected expenses in retirement, and lifespan. A common rule of thumb is to aim for 70-85% of your pre-retirement income annually.

Question 2

What are common retirement accounts?

Accepted Answer

Common retirement accounts include 401(k)s, IRAs (Traditional and Roth), and pension plans. Each has different rules and tax implications.

Question 3

When can I start withdrawing from retirement accounts?

Accepted Answer

Withdrawal rules vary by account type and age. For example, with a traditional IRA or 401(k), you can typically start withdrawing without penalty at age 59½.

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