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Retire at 55

Asked Oct 10, 2007, 11:26 AM — 1 Answer
I heard someone say if I am laid off or out of work and want to retire at 55 years old, then I don't have to pay 10% penalty on the 401K withdrawal. Is this true ?
Ofcourse, I will pay fed and state taxes on it.

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Dr D's Avatar
Dr D Posts: 702, Reputation: 630
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Oct 10, 2007, 11:31 AM
I believe that the age where the penalty goes away is 59 1/2.
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