#tax penalties

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#401k #age 59 and a half #early retirement #early withdrawal penalty #fidelity #ira rollover #retirement planning #rule of 55 #schwab #vanguard #workplace plans

The Rule of 55 rollover trap that costs thousands
Retiring at 55 lets you tap your 401(k) penalty-free, but rolling it to an IRA instantly locks it behind a 10% penalty until 59½.
24/7 Wall St. · 1m