At age 55, if you leave your job, you don't pay a penalty to take out money from your 401k right?

[KrisD]

"The following additional exceptions apply only to distributions from a qualified retirement plan other than an IRA:

1. Distributions made to you after you separated from service with your employer if the separation occurred in or after the year you reached age 55, or distributions made from a qualified governmental defined benefit plan if you were a qualified public safety employee (state or local government) who separated from service in or after the year you reached age 50."

https://www.irs.gov/taxtopics/tc558.html

[dmertz]

To be clear, this exception only applies to distributions from the plan provided by the employer that you left at age 55, not a plan provided by some other employer that you left before the year you reached age 55.