Last week, I explained how my wife and I can use a Roth conversion ladder to access retirement savings before age 59½ without paying the 10% early withdrawal penalty. The downside? You have to wait five years before touching the converted money. Then I discovered another early retirement income strategy that skips the waiting period entirely. With Rule 72(t), you can begin withdrawing money directly from a traditional IRA immediately—without converting anything to a Roth IRA

Your 401(k) is one of your most powerful tools to escape the rat race and reach financial independence. But like any tool, using it correctly makes a big difference. Even smart savers sometimes miss out on thousands of dollars (and years of growth) because of a few small mistakes. Here are 10 common 401(k) mistakes — and how to make sure you’re getting the most out of your plan. NOT UNDERSTANDING YOUR 401(k) TYPE When 401(k)s were first introduced, there was only one type. Y