401(k)s For Dummies by Ted Benna & Brenda Watson Newmann

Author:Ted Benna & Brenda Watson Newmann
Language: eng
Format: epub
Publisher: John Wiley & Sons, Ltd.

The rules we discuss in this chapter apply if you’re still working for the employer that sponsors your 401(k) plan. The rules are different for taking money out after you leave your employer. We discuss those details in Chapter 8.

Hey, Self, Can You Spare a Dime?

Most 401(k) plans allow hardship withdrawals, but not all of them do. Why wouldn’t a plan let you withdraw money to pay for an emergency? Your employer may want you to use the money only for retirement — period. In the rest of this section, we assume that your 401(k) plan offers a hardship withdrawal possibility.

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