I am pretty certain the rule is you need to be 55 at the end of the calendar year you quit working/were laid off. So if he was laid off this year and he is 55 now (or at least by end of year) and his employer supports the rule of 55 he should be fine. Put another way if OP was laid of in January at 54 but turned 55 in August he'd be 55 by end of year and the rule of 55 would apply. For a number of government rules around 401ks, IRAs and the like being a December (or late year) baby is good (I am one).Were you 55 when you were laid off? Does your workplace plan support the rule of 55 (ie, allow for partial withdrawals)?
Statistics: Posted by THY4373 — Thu Aug 15, 2024 4:22 pm — Replies 10 — Views 561