I did that when I was laid off in 2010 at age 57

only had about $38k in my 401k with that company, so I withdrew it and did not have to pay the 10% penalty. You still have to pay taxes as regular income if it is a traditional IRA.

(In response to this post by FfxStationHokie)

Posted: 08/05/2021 at 11:22AM

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Anybody know about the 'Rule of 55'? -- FfxStationHokie 08/05/2021 11:10AM

There is also -- VTUD 08/05/2021 11:30AM

Yeah, it's a tax, it's gone -- `lag 08/05/2021 11:26AM

I bet the local gov't would love that though. -- MP4VT2004 08/05/2021 12:36PM

I did that when I was laid off in 2010 at age 57 -- Hokie in CT 08/05/2021 11:22AM

I am familiar with it and I believe ... -- vt90 08/05/2021 11:21AM

The specific language taken from the IRS website inside -- VTNuke 08/05/2021 1:32PM

I'm reading up on this, too. More info please! ** -- RhinoVT 08/05/2021 11:19AM

I did that when I was laid off in 2010 at age 57

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