(NewsNation) — Taking money out of a tax-deferred retirement plan like a 401(k) before the age of 59 ½ typically comes with a penalty, but an IRS provision known as the rule of 55 can help you avoid ...

The rule of 55 isn’t the only way to avoid the 401 (k) early withdrawal penalty. Other circumstances that allow you to avoid that additional 10% penalty include: • Total and permanent disability.

What Is the IRS Rule of 55 for a 401(k)? The rule of 55 states that you can withdraw funds from your current job’s 401(k) plan without the 10% tax penalty if you leave that job when you are age ...

How to Use the Rule of 55 to Fund Your Early Retirement Many people who retire early use the rule of 55 to avoid the 401 (k) early withdrawal penalty.

Employer-sponsored, tax-deferred retirement plans like 401(k)s and 403(b)s have rules about when you can access your funds. As a general rule, if you withdraw funds before age 59 ½, you'll ...

The rule of 55 allows penalty-free withdrawals from a 401 (k) and 403 (b) if you leave a job during or after the calendar year you turn age 55. This is an exception to the IRS rule that levies a ...

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The Internal Revenue Service has a rule that states individuals can withdraw from a 401(k) plan if they’ve retired, quit or been fired at 55 years old — that doesn’t necessarily mean they ...

This is known as the rule of 55. If you’re contemplating early retirement, you should know how the rule of 55 works.

The rule of 55 is an IRS provision that allows you to withdraw from your 401 (k) early without paying a penalty at a certain age. Here's how it works.