I retired from company after the age of 55 but before the age of 59 1/2. I have had the Roth 403b money market account for over 10 years. I want to pull $30k from my ROTH 403b money market account.
It is my understanding that the "Age of 55" rule allows me to pull money from my Roth 403b without any penalty or having to pay taxes. Assuming my employer has not made any specifications preventing the "age of 55 rule"....is that correct?
If not...and the age "age of 55" rule does not apply to Roth 403b accounts, shouldn't my penalty be subject to 10% of the earnings only?
Example...if my money market made only 1% interest, does that mean I would have to pay a penalty of $30? (.01 x 30,000 x .1). Is that correct? If not...how is "earnings" formulated?
Thanks
