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Stillwater007

Please explain 15 year Service rule for 403b

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Can someone please explain how the 15yr service catch up works and if I might qualify?

I have worked for my School District for 21 years, but have only had a 403b Roth account open for about 7 months. I also turn 50 this year and will be eligible to retire and will at age 55. I read somewhere you can start 5 years from retirement age. Is that age 62 (or is it 65) or is it when I am eligible to retire from my job? If so, would I receive the  extra $6500 option for turning 50 as well as 3k each year for the next 5 years?

 

Thank you

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