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Level 1

Question

401k 55 rule @ 56?

2 replies
35 views

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

Not A Product Question

Level 15

Exception to the 10% early distribution penalty from a 401(k) - https://www.irs.gov/taxtopics/tc558

Distributions made to you after you separated from service with your employer after attainment of age 55.

Level 15

You are exempt from the penalty if you separate from service in the year you turn 55 or after.