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Reply to "Anyone else dealing with this issue of "gap years" before retirement? "
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[quote=Anonymous]Use rule of 55. Make sure your current 401k account at current employer has enough balance to carry you through 59.5 at least. Just retire at 55 Understanding the Rule of 55 The Rule of 55 allows individuals to take penalty-free withdrawals from their 401(k) or 403(b) plans if they separate from their employer during or after the year they turn 55. Here are the key points to consider: Eligibility: You must leave your job in the year you turn 55 or later. This applies whether you quit, were laid off, or fired. However, this rule only applies to the 401(k) plan of your most recent employer, not to plans from previous employers or IRAs[/quote]
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