i was let go recently at 56. Was told that i can not withdraw my 401k without a 10% penalty because i am 56.
That sounds insane.
55 or 59 ONLY?
Please someone help.
Thanks,
Rob
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Exception to the 10% early distribution penalty from a 401(k) - https://www.irs.gov/taxtopics/tc558
You are exempt from the penalty if you separate from service in the year you turn 55 or after.
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