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401K Early Withdrawal
Exceptions
To The Rules
Generally speaking, there are exceptions
given for a 401k early
withdrawal which are
for "immediate and heavy
financial need" such as:
- Medical care
expenses that have been incurred by the employee or his dependents.
- Costs for the
principal residence purchase, excluding mortgage payments. (However
your specific 401k may have special rules on this. If you want to
purchase a home with your 401k, you can look at rolling over the funds
into an IRA. The IRS says that an IRA may possibly allow home purchase
assistance. Publication 590.)
- Tuition and
educational fees, including room and board expenses for 12 months of
postsecondary education for you or your dependents.
- Funds necessary
to prevent eviction of your principal residence.
- Expenses
necessary to repair damage of your principal residence.
Annuity
Options
There could be further
options, such as putting your funds into an
annuity...
You can defer
your annuity and grow
it for a large retirement nest egg...
Or, you can get an immediate
annuity to provide steady
monthly income in the near future...
Let our retirement financial advisor review your situation and let you
know your
options...
Get a free annuity
quote
- let us help guide you
through
the options to make the best choices for you!
Or, get a free consultation from a Certified
Financial Planner to go
over your plans to help you make the best decision for
your needs.
"You'll be glad
you did the right
thing."
Return to 401K
Withdrawal
Return
from 401K Early
Withdrawal, to Annuities
Financial Planning
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