If you’re in a financial pinch, you might be able to tap your 401k for a bailout — but it could really cost you.
You’re not alone in wondering if you should tap your retirement savings. With an uncertain economy and average consumers debt building up, many people are thinking about the money in their 401k plans.
It is safe to say that hardship withdrawal information is one of the most sought after items on this website. And that has some financial and retirement industry experts worried. A withdrawal taken in haste today could have a big impact on your golden years.
Hardship Basics
A hardship withdrawal is not like a plan loan. The withdrawal may be difficult to get, and costly if you receive it. Remember, your 401k is meant to provide retirement income. It should be a last-resort source of cash for expenses before then.
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