I have two 401(k) account balances. The first 401(k) is with a previous employer. The second 401(k) is with my current employer.
I plan to retire this year and I will be 57 this year on my birthday.
I know that I will be able to withdraw money from the 401(k) plan of my current employer and not be subject to the 10% penalty tax for this withdrawal.
After I retire later this year, can I withdraw money from my first 401(k) account [the account with my previous employer] and not have to pay the 10% penalty tax for a premature withdrawal?