Companies are not required to have 401(k) or 403(b) plans that allow for penalty-free withdrawals starting at age 55. If your employer does offer rule of 55 distributions, they may have rules ...

But like many rules, this one has an exception. If you separate from service at the age of 55 or older, you can tap your former employer's 401(k) free of the 10% early-withdrawal penalty.

There are some caveats to this age restriction. The rule of 55 is a set of guidelines that allows you to make penalty-free ...

Generally, workers have to wait until they are 59 1/2 ( or 55 in certain cases ) to take 401 (k) distributions penalty-free. So, those who take a hardship withdrawal before 59 1/2 have to pay a 10 ...

The tax consequences of making 401k withdrawals depend on the type of contributions. Keep reading to learn how to avoid ...

That's why it's important to know the rules surrounding ... The terms of Roth 401(k) accounts stipulate that required minimum distributions (RMDs) must begin by age 73, or age 70½ if you reached ...

Revised retirement account withdrawal rules also offer tax relief to victims of domestic abuse who find themselves in need of financial assistance. If you are under the age of 59½ and have been a ...

According to the IRS Rule of 55, you can take penalty-free withdrawals from your 401(k) or 403(b) plan if you leave your job or after the age of 55. What happens if I withdraw from my 401(k ...

You should be able to roll over your 401(k) into a Roth IRA, but be prepared to pay taxes when you make the transition. When you withdraw funds, they won't be taxed.

403(b) withdrawals are similar to a 401(k), but there are some special rules. You may be able to access ... Image source: The Motley Fool. Reach age 59 1/2. Have a severance from employment.

Early withdrawals from a 401(k) often incur a 10% early withdrawal penalty if you're under 59 1/2. Certain situations, like reaching age 55, leaving a job, having a disability or using funds for a ...

The IRS determines the amount of required minimum distributions (RMDs) based on your age, life expectancy, and the amount of money in your retirement account. While there are additional rules ...