Key Takeaways The average 401(k) balance for people in their 40s is $407,675, while the median is $162,143.For people in their 50s, the balance jumps to $622,566 and $251,758, respectively.Thoughtful ...

Key Points The rule of 55 allows penalty-free 401(k) withdrawals only from your current employer’s plan after separation.

If you plan to dip into your 401(k) at 55, you can do so without a hefty tax penalty in certain circumstances. But should you? A recent MassMutual survey found that the average age for Americans to ...

There’s a reason retirement savers are generally required to wait until age 59 and 1/2 to access the money they have in a 401(k). The IRS offers some pretty nice tax breaks to people making 401(k) ...

Ali Hussain has a background that consists of a career in finance with large financial institutions and in journalism covering business. Oliver Rossi / Getty Images The average 401(k) balance for ...

The premise sounds fantastic: The more money you save for retirement during your working years, the bigger your retirement nest egg. And contributions to workplace retirement accounts can be ...

Tapping a 401(k) before age 59 and 1/2 usually results in an early withdrawal penalty. A special rule might allow you to access your 401(k) without a penalty at 55. It’s important to know how this ...