Is That 401k Early Withdrawal Penalty Worth It?
Are you aware of the 401k early withdrawal penalty? Depending on your age, when you make a necessary withdrawal from savings in your 401k retirement account, you may have to pay a 10% penalty on the amount that you withdraw. If you make an early withdrawal from your 401k account, an early withdrawal penalty will apply. Yes, you can access the money that you have in your 401k account. You may make a withdrawal from your 401k retirement account so that you can put a down payment on a home of your own. In addition to buying a home, there are other circumstances -deemed financial hardships -that will allow you to make a withdrawal from your 401k retirement account. You are also able to withdraw from your 401k to keep yourself from being evicted from your home or to keep your home from being foreclosed upon by the bank. In addition, you can make a financial hardship from your 401k retirement account to help pay your own or your child’s tuition expenses. And, similarly, you can make a withdr
