401k Hardship Withdrawal

A 401k Hardship Withdrawal can be difficult to get and costly if you receive it.

Your 401k is designed to provide your retirement income and withdrawals are meant for big emergencies. A 401k Hardship Withdrawal should be a last resort source of cash.

To discourage early hardship withdrawals the IRS imposes a large financial penalty and a 10 percent early 401k Hardship Withdrawal penalty if you are younger than 59 1/2 yrs of age. You may qualify to take a penalty-free withdrawal if you fall in to the following categories:

• You become severely disabled
• You are separated from service
• Debt of medical Expenses
• Court Order Divorce

If your financial needs are in shorter term, 401k Hardship Withdrawal is most likely not the appropriate answer for your needs.You should really think of your 401k as off-limits until retirement. Don't use it as a safety net. You can set up other vehicles for forced savings that will enable you to get at your money without penalties.

To browse our guides to 401k Hardship Withdrawal:

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