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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 ...
Under the terms of this rule, you can withdraw funds from your current job’s 401(k) or 403(b) plan with no 10% tax penalty if you leave that job in or after the year you turn 55. (Qualified ...
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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 ...
Early withdrawals: The Rule of 55 People shy of retirement age by a few years may be able to avoid the penalty as well, thanks to the “rule of 55.” “Generally speaking, one of the least ...
The rule of 55. This last rule of thumb deals with the tax implications of retiring early. ... withdrawal penalty for making a withdrawal from a tax-qualified retirement plan like a 401(k ...