ArmchairMillionaire23
Recycles dryer sheets
Yesterday MSN posted this article: (from Business Insider)
https://www.msn.com/en-us/money/retirement/the-rule-of-55-lets-you-tap-into-your-401-k-early-without-paying-a-penalty-but-only-if-you-meet-the-age-requirement-and-other-terms/ar-BB1978R7?li=BBnbfcN
It mentioned that one has to wait until they turn 55 while I thought the IRS publications stated one was eligible on January 1st the year they turned 55.
It also mentions only being able to use your current employer 401(k) and of course, only after 'separation from service' from said employer.
My birthday is at the end of the year so for me there's 11 months difference.
I started a previous thread...
https://www.early-retirement.org/forums/f28/to-rollover-old-401-k-or-not-104535.html
...about rolling over a Vanguard 401(k) from a previous employer into my current employer's JH 401(k) and the responses leaned heavily towards "Don't Do It!"
Any thoughts or suggestions about the article and the best way to go about retiring at age 54?
Thanks in advance for any insight.
https://www.msn.com/en-us/money/retirement/the-rule-of-55-lets-you-tap-into-your-401-k-early-without-paying-a-penalty-but-only-if-you-meet-the-age-requirement-and-other-terms/ar-BB1978R7?li=BBnbfcN
It mentioned that one has to wait until they turn 55 while I thought the IRS publications stated one was eligible on January 1st the year they turned 55.
It also mentions only being able to use your current employer 401(k) and of course, only after 'separation from service' from said employer.
My birthday is at the end of the year so for me there's 11 months difference.
I started a previous thread...
https://www.early-retirement.org/forums/f28/to-rollover-old-401-k-or-not-104535.html
...about rolling over a Vanguard 401(k) from a previous employer into my current employer's JH 401(k) and the responses leaned heavily towards "Don't Do It!"
Any thoughts or suggestions about the article and the best way to go about retiring at age 54?
Thanks in advance for any insight.