We've received a lot of inquires on the "age 55" rule.  This only impacts your 401k or 403b plan.   An IRA account does not offer this early withdrawal feature.

You can take penalty-free withdrawals from a 401(k) if you are at least age 55 in the year you retire and if you leave your money in your former employer's plan. (If you roll the money into an IRA, however, the 59½ age rule kicks back in.) However, not all employers allow this option. You also can access 403(b) money penalty-free if you retire at 55.

Answer courtesy of Kiplingers.