Top 5 Retirement Savings Tips for 55-to-64-Year-Olds

1. Create an emergency fund

Insider Money Score: 28

The most stressed retirement saving tip is, indeed, to leave all of your retirement savings alone. As discussed earlier, individuals can begin making penalty-free withdrawals after 59 ½ whereas with the IRS Rule of 55, as early as the age of 55. The most ideal solution for this kind of tip is to create an emergency fund to rely on during the tough times. Building a financial safety net ensures that unexpected expenses or emergencies can be covered without depleting your retirement savings. This emergency fund provides a buffer, allowing you to navigate unforeseen circumstances and protect your retirement plan in the process.

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