Vanguard recently released its 2025 report on how America saves. It revealed a record 4.8% of 401(k) holders took a hardship ...

Hardship withdrawals may limit your ability to make contributions to your 401(k) for six months, impacting your long-term ...

A 401(k) hardship withdrawal can provide you with cash when you’re in a bind. Just keep in mind that you still owe income taxes on any distribution—and if you withdraw money from your 401(k) ...

Life throws a lot of curveballs. When an unexpected job loss, medical emergency, or other life event leaves you short of funds, you may be tempted to take a hardship withdrawal from your 401(k ...

Hardship withdrawals are a kind of financial lifeline, allowing workers to tap their 401(k)s for money if, according to the IRS, they have "an immediate and heavy financial need." ...

A hardship withdrawal is a one-time, fixed amount of money pulled from your 401(k), intended to cover what the IRS calls an “immediate and heavy financial need.” ...

Retirement plan administrators are noting an uptick in hardship withdrawals. But taking that money out can harm your future financial security. By Martha C. White More Americans are raiding their ...

Hardship withdrawals from 401(k)s reach ‘concerning’ all-time high, Vanguard says Inflation is taking its toll on people’s finances Last Updated: Dec. 3, 2022 at 3:35 p.m. ET First Published ...

Loan and hardship withdrawals taken from workplace retirement plans in the third quarter of 2023 hit their highest levels in more than two years, according to a report from Empower issued Thursday..

More Americans are making hardship withdrawals from their 401(k) retirement plans to cover emergency expenses as they struggle with chronic inflation.

Although many 401(k) plans allow for hardship withdrawals, savers who take advantage of them face taxes on the money they remove, plus a very costly 10% early-withdrawal penalty.

Another key difference between the two is that with 401(k) hardship withdrawals, you would be unable to pay yourself back what you took from your account. This is not the case with 401(k) loans.