9 RULES OF THE RULE OF 55 -- How it works. #401k #403b #retirement #income

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Information 9 RULES OF THE RULE OF 55 -- How it works. #401k #403b #retirement #income

Title	:	9 RULES OF THE RULE OF 55 -- How it works. #401k #403b #retirement #income
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Frames 9 RULES OF THE RULE OF 55 -- How it works. #401k #403b #retirement #income

Description 9 RULES OF THE RULE OF 55 -- How it works. #401k #403b #retirement #income

Comments 9 RULES OF THE RULE OF 55 -- How it works. #401k #403b #retirement #income

It can be before!!!! It is the year you turn 55 or later You might only be 54
Comment from : Chloe Benson Boxes and Bags

Does the rule of 55 apply to roth 401k? If so i can take distribution from Roth 401k free and clear of tax and penalty before 595?
Comment from : thejungs1

Best video I've seen on this subject Thank you
Comment from : WV HILLBILLY

What happens if you're terminated, laid off, or take an early retirement buy out package at 54 in the actual year you turn 55 Can you avoid the 10 penalty, or does this have to happen on or after the actual age of 55?
Comment from : BDTN342

When using the rule of 55 can i withdraw any amount any time i need or does it need to be a fuxed periodic payments like 72T rule?
Comment from : bigtoeknee11

This is a great video!! QUESTION though, Sir I'm retiring this year and will be 55 as well Am I automatically safe from the 10 penalty now on any distributions? I want to take a lump sum payout over a few years but don't want to get dinged with a 10 penalty if I elect to just be paid directly to me and not rolled into an IRA I wouldn't think it would matter how it is dispensed to me, but want to be sure Great video, thanks a bunch!!
Comment from : bosoxer4eva

Ok so I've done everything you've mentioned I separated from my employer in the year I turned 55 My 401k was with my current employer I have since made withdrawals at 56 (I'm now 57) and my current age Principal where my 401k is at keeps telling me I'm responsible for the 10 penalty as Im prior to 59 and a half Are they getting this wrong? I keep explaining to them the Rule Of 55 I see on videos like yours I get I have to pay taxes (Federal and State I imagine 20) but again I have to believe I would qualify for the Rule Of 55 here You mention to check with your plan? Are you saying not every 401k qualifies for the Rule Of 55? Thanks for any info!
Comment from : Nate B Slots

If you leave work at 55 and begin taking distributions from your 401(k) and afterwords decide to take another job, can you resume taking those distributions if you leave that job?
Comment from : Leonard

Do you have to notify the IRS of this move or just advise them when you file your tax return ?
Comment from : Greg Thomas

Traditional & Rollover IRA can be rolled into 401K(according to IRS Rollover chart) Rule of 55 should work once the money is inside ex-employer 401K plan
Comment from : Random

Question I don’t have a traditional 401k I have a Roth 401k so don’t need to add this as income since I’ve already paid the taxes on it?
Comment from : Homestead and Flowers 🌸

It’s not age 55, it’s the year in which you turn 55 If your birthday is in December, you can go in January while you’re still 54 Separation has to occur bin the year/b in which you turn 55
Comment from : To Jun