Hi, Lester here. Any changes to 403(b) withdrawal rules?
I retired in 2002 at age 50. I've been taking withdrawals from my 403(b) and paying the 10% penalty. But it just occurred to me that maybe since I am over 55 now I don't have to.
The rules say if you retired in the same year you turned 55 you don't have to pay the penalty.
Anybody know how this works? Is it really true that if I had waited 5 years but not 6 that I could avoid the penalty? Doesn't make a lot of sense to me.
I love the TIAA-CREF Retirement Assistant.
It's at the iTunes App Store under Finance.