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The special age 55 withdrawal provision doesn't apply if you left your previous employer before you reach age 55, or age 50 for public safety employees, even if you're over age 55 now. Any withdrawals you take are subject to the penalty tax, unless you can roll your 401(k) plan to an IRA or qualify for an exception to the penalty.
The rule of 55 applies to any 401(k) provided by an employer from which you separated from service in or after the year you reached age 55. It does not apply to a 401(k) of any employer by which you are still employed nor does is apply to any 401(k) of an employer from which you separated from service before the year you reached age 55.
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