What Happens If You Retire Through Go 55?

Author : Joyce Neri | Published On : 29 Dec 2023

The Rule of 55 allows you to withdraw funds from your retirement accounts without having to pay the 10% penalty that would otherwise apply if you withdraw those funds before age 59 1/2. But it only applies to the 401(k) or 403(b) plans at your most recent workplace. It doesn't work with other employer-sponsored retirement plans, such as an IRA, or any individual retirement accounts that you hold.

In addition to the penalties and taxes, early withdrawals eat into your overall investment savings. For instance, you miss out on the gains that would have been earned if you'd left those investments to grow for a longer period of time.

You won't have Social Security yet. Generally, you can begin to collect Social Security payments starting at age 62. If you retire through go 55, you'll need to rely on your retirement savings for much of your income, and that can deplete your reserves more quickly.

This is the only stretch of old highway in downtown that still carries route markers for both north and southbound 35W (as well as US 8). The newer signs for eastbound 65 have been erased from this point on, except at the massive parking ramps on 10th Street.

Ministries, I&IT Clusters and applicable agencies are expected to review / employ both GO-ITS 37 and GO-ITS 55 when developing / revising their service transition plans and documenting incident management processes. GO-ITS 55 adds additional detail and clarity around the generic OPS incident management Process Procedure Guide (PPG), specifically in terms of roles. It also includes detailed incident support patterns to ensure continuity of service. This is an important step in ensuring that we are able to identify the most suitable resources for responding to high priority incidents. It also helps to ensure that the appropriate escalation and communication protocols are put in place.