The bridge period, he said, refers to the time between leaving work and when you're able to withdraw funds from retirement accounts, such as an individual retirement account .
In partnership with the Dave Ramsey research team, Hogan studied 10,000 American millionaires for seven months and found that those who decide they want to retire early need to plan a little more for the extra money they'll need to cover their bridge years.If you retire at age 55 with an employer-sponsored 401, you may be able to begin withdrawing funds if your plan is held at your current employer. IRAs, however, will penalize you for withdrawing before age 59 1/2.
"Let's say you want to retire at 55. That's great — but only if you've planned for it," Hogan wrote."You can't withdraw funds from your retirement accounts without incurring a penalty until you're age 59 1/2, so, in this example, you'll need about four-and-a-half years of investment savings outside of your retirement accounts to live on."
"If all your money is in IRAs and 401s, not only will you pay state and federal income tax when you take it out to pay your bills — after all, it has never been taxed — but you may also pay a 10% penalty for premature withdrawals," Mari Adam, a certified financial planner based in Florida who founded
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