RETIRING early gives you more time to enjoy life while you’re younger and healthier, but it also has some complications: You’ll pay a penalty if you withdraw money from most retirement savings plans before age 59½. You’ll need to find health insurance to cover you until you’re eligible for Medicare at 65. Your retirement savings may need to last through a period almost as long as your working years, and figuring out whether you have enough can be difficult.

“The key is proper planning,” says Jaime Eckels, partner with Plante Moran Financial Advisors in Auburn Hills, Mich. “Sometimes that means sacrificing—saving more than you normally would and spending less.” But it can also mean that following some conventional strategies for saving for retirement, such as stashing away the maximum in a 401(k), may not be in your best interest. Instead, it may be helpful to direct some money toward a taxable account that’s accessible without penalty at any age, even if it doesn’t have the benefit of tax deferral.

And that assumes you have time to plan ahead. If you lose your job in your fifties and are thrust into early retirement before you’ve had time to build up other savings, it’s important to understand special rules that let you tap your 401(k) before age 59½ without an early-withdrawal penalty.

Here’s what you can do to prepare for early retirement, as well as a rundown of your options if you suddenly find yourself out of work.

GETTING YOUR DUCKS IN A ROW

Figuring out whether you’ve saved enough to retire early is the first step. Then you need to make sure you have enough money that’s accessible before age 59½.