No. I'm not 65 or older, but when I transitioned from Arkansas to Mississippi, I blew through my IRA. It was a really scary decision. But I think it was still a good one. But every day, as I work to re-build it, I spend a lot of time thinking about what's the right investment amount for me right now.
I'm almost 40. So I can pretty much HEAR the clock ticking down to when I retire . loudly.
And I was doing so well at one time. I didn't start until I was twenty-five, but I was able to save a really large lump sum. Then, I had a really terrible break up from my ex and had to cash out my IRA so I didn't lose my home and could purchase a new car to replace the car I lost in the break up.
After I got hit with the tax penalty, I told myself I would never again cash out my retirement savings prior to retirement. Thus the reason they recommend you never say never.
Another catastrophe to avert. Another cash out.
Well, it is what it is. And now, I'm re-building along with other regular people who are recovering from similar set backs. Here we go.
Read the LA Times article. It's interesting enough.
http://www.latimes.com/business/la-fi-retirement-savings-bankrate-20140818-story.html
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