Anyone saving in a 401(k) or IRA knows that there are consequences if you withdraw the money before age 59 1/2. Not only will you be hit with an income tax bill on your fund distributions, you will also face an additional 10% penalty. This rule is to encourage people to keep their IRAs, 401(k)s and other qualified retirement plans in tact until retirement. But there are some exceptions.

That's right, there are certain times when you can take early distributions from an IRA or 401(k) without penalty. Find out more about these early 401(k) or IRA withdrawal penalty exemptions, how they work and who qualifies.

It's the dreaded choice of new parents everywhere: do I save enough to educate this kid or do I continue feathering my retirement nest? In this case, the selfish option is actually best. So don't sacrifice your own future for the future of your children. Find out why retirement should always be the priority over college savings.

One of the things that can make investing seem complicated is the lingo. You have to learn a whole new language to diversify a 401(k).

But you can break down any mutual fund into a handful of styles. Mutual funds or exchange traded funds invest according to company size, sector, a view on corporate fundamentals, a knack for picking stocks or an exact mirror of the larger market. Lots of funds invest according to combinations of these styles. So how do you make sense of them all? Start here with an investment style overview.

The latest Gallup Economy and Personal Finance survey finds that the average age at which people actually retire is now 61. Twenty years ago, in the early '90s, the age was 57.

The folks at Gallup says the average retirement age will only increase in the coming years. I fully expect to retire around 71, and that's OK with me. I keep thinking of that Prudential "age stickers" commercial where they ask people to give the age of the oldest person they know. The people place stickers on the age, creating a visual map that's very powerful. It shows we are living longer, and should prepare ourselves to work a bit longer, especially if we haven't prepared for retirement in the early years.