Unknown 401k Rule?

Christian talk radio with Rob West

This episode of MoneyWise discusses the Rule of 55, an IRS provision that waives the 10% penalty for withdrawing funds from a 401k or 403b retirement account if you are 55 or older and have left your job. It also applies to public safety workers at age 50. The rule does not apply to previous employers, IRAs, or if you are still working at the company where you have the 401k or 403b. Rob West also answers listener questions about capital gains tax, life insurance, transferring ownership of a home, Social Security payments, removing your name from a loan, and reclaiming full Social Security benefits.