Personal Investments • Can I retire in 4 weeks?

I believe the rule of 55 applies to all 401k, 403b plans.

Under the rule of 55, the IRS permits you to withdraw money from your current 401k or 403b plan before age 59½ without paying a 10% penalty on the amount withdrawn if both of the following are true: Withdrawals occur in the year you turn 55 or later, and you have left your employer (for any reason).

Apparently the key is whether or not your 401k/403b plan allows partial withdrawals. Some only allow you to take out the full lump sum, which is not helpful in most cases. Only if you had multiple 401ks.

Statistics: Posted by Wiggums — Mon Dec 04, 2023 9:41 pm — Replies 35 — Views 3065