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The rule of 55 is an IRS provision that allows workers who leave their job for any reason to start taking penalty-free distributions from their current employer’s retirement plan in or after the ...
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The rule of 55 allows you to take money from your employer’s retirement plan without a tax penalty before age 59.5. But that doesn’t necessarily mean you should.
Employer-sponsored, tax-deferred retirement plans like 401(k)s and 403(b)s have rules about when you can access your funds. As a general rule, if you withdraw funds before age 59 ½, you’ll ...
The rule of 55. This last rule of thumb deals with the tax implications of retiring early. ... you’d face a 10% tax withdrawal penalty for making a withdrawal from a tax-qualified retirement ...
“Generally speaking, one of the least common known rules is the rule of 55. If a 401(k) plan participant leaves their employer in the year they turn 55 or older and they leave the 401(k) plan ...