Of the ways you can pull out 401(k) funds, hardship withdrawals are becoming an increasingly common move for people with urgent bills and limited options. A hardship withdrawal is a one-time ...

If you're looking for resources to get through a difficult financial situation, you may have considered taking money out of your 401(k) plan. There are several circumstances when current employees ...

During the last 12 months, 401(k) hardship withdrawals rose by 24%, according to a 2022 study by Empower, a large retirement plan administrator. The funds were used to cover unexpected financial ...

You permanently reduce your retirement savings by the amount of the withdrawal as well as any future earnings you would have accrued on that money. But, before you do a hardship withdrawal or a ...

Unlike loans, hardship withdrawals cannot be repaid, meaning the withdrawn amount permanently reduces the retirement savings balance. Additionally, taking a hardship withdrawal may result in taxes ...