The rule of 55 is an IRS guideline that allows you to avoid paying the 10% early withdrawal penalty on 401(k) and 403(b) retirement accounts if you leave your job during or after the calendar year you turn 55.
Learn everything you need to know about the Rule of 55 in 9 rules of its own.
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DISCLAIMER: The information provided in these emails is only to be considered helpful hints and education. Nothing said or shown in any of these emails is to be misconstrued as specific tax, legal or investment advice. Consult with your tax, legal or investment professional before acting on anything you see in these videos.
Rule of 55 for 401k and 403b. 401k and 403b only. Not for IRA and Roth IRA. Roth IRA and IRA will ruin Rule of 55 for 401k and 403b. Retiring early is possible but can only be used with current 401k and 403b accounts….(read more)
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Rule of 55 applies to all who leave their job during the year or after 55 birthday.