401k Early Withdrawal Penalty
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 withdrawal from your 401k retirement savings if you have medical expenses that you cannot otherwise afford to pay.
And yet even though you are able to make these financial hardship withdrawals from your 401k retirement account, when you do so, there are consequences. In addition to the 401k early withdrawal penalty, you will also have to pay taxes on the amount that you withdraw.
In addition to a 401k early withdrawal penalty and taxes, you may find that you won't have the money that you need after you retire if you make an early withdrawal from your 401k account . So what can you do, when you need access to the money that you have in your retirement savings, to make sure that you will still have financial stability when you retire?
One thing that you can do is to Try Bob's Retirement Calculator. With this calculator, you'll be able to see the way that your savings and investments have performed over time. You'll also be able to determine how your savings and investments are projected to perform over the next 30 years -projections that include the way that your savings and investments will be affected by changing interest rates and inflation.
Once you understand your savings and investments have performed and will perform, you will be able to see which savings and investments strategies will guarantee that you have the income that you need when you retire. Also, you'll be able to see for yourself how changes that you make will affect that retirement income.
What does that mean? It means that you'll be able to see how different investments will affect your savings. It also means that you will be able to see how withdrawals you make from your retirement savings, whether due to financial hardship or to purchase a vacation or a new car, will affect you in the future.
And since we know that you're likely to have questions even after you've used Bob's Free Retirement Calculator we've arranged for you to have a free one-on-one consultation with a TRUSTED financial advisor. You'll be able to ask your questions, get the answers that you need to make good decisions when it comes to planning for your future.
Develop your own financial strategy, turn it into a retirement plan, and learn how to put that plan into action. Understand the way that your savings and investments will work for you, and find a way to save that will allow you to have access to the money that you need now, not just when you retire.
Be able to make a withdrawal from your retirement savings and possibly avoid having to pay a 401k early withdrawal penalty. Know that you have options and learn what they are. Try Bob's Free Retirement Calculator and take control of your future. Get started today.