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Taking a distribution from a tax-qualified retirement plan, such as a 401(k), prior to age 59½ is generally subject to a 10 percent early withdrawal tax penalty.
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 is a set of guidelines that allows you to make penalty-free withdrawals from your 401(k) early if you leave your job after the age of 55. This enables early retirees to free up some ...
If you have a 401(k), the rule of 55 can help you access your retirement savings early, as well. This rule allows you to make penalty-free withdrawals from your current employer’s 401(k) or 403b ...
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 ...