qwerty3656
Full time employment: Posting here.
- Joined
- Nov 17, 2020
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- 763
Do I REALLY have to wait til December to withdraw IRA funds w/o penalty?
Do I REALLY have to wait til December to withdraw IRA funds w/o penalty?
The general rule for tapping a 401(k) free of the 10% early-withdrawal penalty is that you must be at least age 59 1/2. But as with many rules, there is an exception. Leave your employer in the year you turn 55 or older and Uncle Sam cuts you some slack: The early-withdrawal penalty disappears early.
Also take a look at these.
https://www.bankrate.com/retirement/ways-to-take-penalty-free-withdrawals-from-ira-or-401k/
He's not asking about a 401(k). He's asking about an IRA. Leaving your employer the year you turn 55 doesn't count for an IRA.
Do I REALLY have to wait til December to withdraw IRA funds w/o penalty?