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If I retire after 55, can I withdraw from my 401(k) without a penalty tax?
I read somewhere that there is an exception to early withdrawal on a 401(k) account if you are over 55 and retired. Is this true -- and how do I find out more about doing this?
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401(k) plan
A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income taxes on the amount invested and any earnings are due until the employee withdraws money from the fund.
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