What is the Raytheon rule of 55?
The Rule of 55 is an IRS provision that allows employees who separate from their employer during or after the calendar year they turn 55 to withdraw funds from their employer-sponsored retirement plans, such as a 401(k), without incurring the standard ten percent early withdrawal penalty. While frequently referenced by employees of large corporations like Raytheon undergoing early retirement or career transitions, the rule applies strictly to the specific workplace plan of the separating employer and does not extend to traditional IRAs or accounts rolled over into alternative financial vehicles. Regular income taxes still apply to these distributions.
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