You can make penalty-free 401k withdrawals
In the unfortunate case of you getting laid off, fired or if you quit your job when you’re 55 and 59.5, you’ll still be able to withdraw money from your 401k account without paying that 10 percent withdrawal penalty. On the flip side, you can only do this with your current 401k, not an old one from another employer.
If you want to use the money from your previous employer’s 401k, you won’t be able to do it without penalties until you are 59.5, courtesy of the Internal Revenue Service. The good news is that the “rule of 55” is not applicable when it comes to individual retirement accounts.
You can get tuition exemptions
Age is just a number, not an indicator of potential, performance, or talent. Therefore, getting a bachelor’s or master’s degree later in life not only is possible, but it’s also plausible. The best part of pursuing higher education when you’re retired is that you won’t be burdened by massive student loans to fund your education.
In Massachusetts, for instance, resident seniors over 60 can enroll at state universities or community colleges and not pay any tuition. You’ll still have to pay certain fees but they will surely not be as high as tuitions. Is an MBA in Arts what you’re missing from your portfolio? Then, go for it and don’t wait any longer!
