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People love 401(k) plans because they're simple, contributions are automatic and, in many cases, they offer free money in the form of matching employer funds. Unlike Roth IRAs and annuities ...
Based on 401(k) withdrawal rules, if you withdraw money from a traditional 401(k) before age 59½, you will face — in addition to the standard taxes — a 10% early withdrawal penalty. Why?
Taking money out of a 401(k) for a down payment can be trickier. “When the 401(k) has both a loan provision and hardship withdrawal provision, the participant must first use the loan provision ...
Before you decide to take money out of your 401(k) plan, consider the following alternatives: Temporarily stop contributing to your employer’s 401(k) to free up some additional cash each pay period.
Image source: Getty Images. Pulling money out of retirement accounts generally means paying income tax on the withdrawal, plus a 10% penalty. There's a good reason for this -- the more you pull ...
5. Try a 401(k) loan. While you may be enduring tough times, that doesn’t mean you’re limited to only a hardship withdrawal. As an alternative, consider a 401(k) loan, which can offer some ...
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