Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Suze School: What You Need To Know About The 55 or Older Rule
Jan 28, 2024
This podcast episode discusses the 55 or older rule for accessing money in retirement accounts penalty-free. It emphasizes the importance of taking advantage of high interest rates on certificates of deposits, potential changes in interest rates, and the relevance of knowing retirement planning rules. The chapter also highlights the importance of prioritizing health and finances and reminds listeners to prioritize relationships, money, and material possessions in that order.
23:55
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Quick takeaways
- Take advantage of the high-interest rates on Lion Credit Union's certificate of deposits (CDs) before they potentially decrease.
- Understand the Rule of 55, which allows penalty-free access to retirement funds from employer-sponsored plans if separation occurs at age 55 or older.
Deep dives
Higher Interest Rates on Certificates of Deposits at a Lion Credit Union
A Lion Credit Union offers high-interest rates on their certificate of deposits (CDs), specifically the 18-month and 12-month ones. The interest rate on the 18-month CD is currently at 5.3 percent or 5.35 percent for amounts over $75,000. The 12-month CD has an interest rate of 5.4 percent or 5.45 percent for amounts over $75,000. As interest rates start to decrease, it is expected that these rates may also drop. Therefore, it is advised to take advantage of the current rates and invest in these CDs before any potential changes occur.
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