A new kind of retiree is emerging—the Everyday Millionaire, Generation 2.0. Raised on God’s wisdom and disciplined financial habits, they avoided debt, saved faithfully, and invested 15% of their income. Many will have more than enough to retire early. But retiring before age 59½ raises questions. The good news? IRS rules like 72(t) distributions and the Rule of 55 allow early access to retirement savings—without penalties—when used wisely and intentionally.

Although retiring early, let alone before the penalty-free distribution age of 59 ½, seems like an impossible dream for some, it is...