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Can I Get Money From My 401(k) at 55?
Yes, yes, yes is the answer to can you get penalty free access to 401k funds before the well known age of 59 1/2, where the penalty no longer applies. But, as Christy Bieber notes in this piece, it’s a narrow path, and the rules must be followed carefully. The rule of 55 is an IRS regulation that allows for this if you leave your job for any reason in the calendar year that you will turn 55 or later (or the year you will turn 50 if you are a public safety worker, such as a police officer or air traffic controller) AND you are withdrawing funds only from a 401(k) account offered by your most recent employer. Full piece here.
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