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    n1999's Avatar
    n1999 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Oct 10, 2007, 11:26 AM
    Retire at 55
    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 ?
    Of course, I will pay fed and state taxes on it.
    Dr D's Avatar
    Dr D Posts: 698, Reputation: 127
    Senior Member
    		  
    #2

    Oct 10, 2007, 11:31 AM
    I believe that the age where the penalty goes away is 59 1/2.
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