Youvesaved faithfully for retirement, putting money away and leaving it untouched to live on in your golden years.
Here are the essential 401(k) withdrawal rules.
Probably not as good as youd like.
Keep growing your moneywith one of the highest saving rates on the market.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
What Is a 401(k), Anyway?
What is this bowl of alphabet soup, anyway?
You wont pay income taxes on those funds until you take them out.
Did you know?
What Qualifies for a 401(k) Hardship Withdrawal?
1 criterion for qualifying for a hardship withdrawal is immediate and heavy financial need.
When Do IHaveto Withdraw Money?
There are also rules about when youmustmake withdrawals.
Youre not allowed to let your 401(k) contributions grow forever.
In that case, youll probably get a longer term.
What is the Age 55 Rule?
Which is one good reason to roll over your retirement account whenever you change jobs.
(Wed recommend you dont, for reasons well dive into in just a second.)
Heres what you could choose todo with your 401(k) when youre leaving a job.
Pro tip: Dont do this.
Leave It Where It Is
Another option?
Simply leave the funds where they areas long as your company allows it.
These investment accounts carry lots of special incentives, including high contribution maximums as well as their tax-deferrable status.
But we get it: Life is expensive!
Whenever possible, its best to leave your 401(k) funds invested and growing.
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