The statement reads "separation from service the years during or after age 55". "During" not "be". Why doesn't the rule simply state separate from at the age of 55 or older (similar to how 59 1/2 rule states)?
How the exception reads leads me to believe it applies to people who are 54 years at separation as long as later in the same calendar year (on or before December 31st of the year in which they separate) they turn 55 years old.
Lets say I was born in December of 1968. Lets also say in January of 2023 I separate from service at the age of 54 years old. Does the Rule of 55 apply? I believe it does, as later in the year, which would be during the same year I will turn 55.
Would this be a correct application of the rule?
