October 2021
Beginner
352 pages
8h 40m
English
Content preview from 401(k)s & IRAs For Dummies
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Chapter 16
Withdrawing Money Before You Retire
IN THIS CHAPTER
Withdrawing from your IRA
Tapping into your 401(k)
Using 401(k) money for non-retirement reasons
Giving yourself a loan
Life is so unpredictable. Just when you think you have everything under control … wham! An unexpected expense jumps out of a dark alley, bops you on the head, and runs off with your wallet. At times like that, it’s nice to know that you may be able to tap your retirement funds to tide you over.
Uncle Sam permits two ways for getting money out of your 401(k) while you’re still working — hardship withdrawals and loans. However, your employer isn’t required to allow you to do either one. Before you go any further with this chapter, check your summary plan description (summary of your plan’s rules) to see what your plan allows. It may permit both loans and hardship withdrawals, only one or the other, or neither. Many plans don’t permit loans because administering them can be a hassle. You’re probably wondering why you can’t get your money any time you want. After all, it’s your money, right? Yes, it is, ...
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