Anne Tergesen
speaker
4,485 appearances
83 recordings
1 series
first heard Jul 2017
last heard Feb 2025
Anne Tergesen’s voice in public audio — every appearance, attributed to the second.
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Appearances
You know, the market has done well over the past year.
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However, there also are a lot of people who maybe aren't doing as well and who feel the need to rely on their 401k savings in an emergency.
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Another factor I should mention is automatic enrollment in 401k plans.
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That's become...
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much more the norm than it was, you know, even five or 10 years ago.
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And as more people are automatically enrolled in 401k accounts, you have more people amassing savings than would have been the case if they had to enroll voluntarily on their own.
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A lot of people who are automatically enrolled would not have done so on their own.
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So some of these people are turning around and finding, look at that, I actually have some savings, yet I need some cash.
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Under the hardship rule provisions, you do need to have specified reasons.
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For example, preventing foreclosure or eviction is a big one.
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You can use hardship withdrawals to pay tuition bills.
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You can use it to pay medical bills.
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There's a host of reasons that are officially recognized by the IRS.
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However, the rules have changed.
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Plans don't have to accept the IRS rules.
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They can vary by plan.
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No.
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If you take a hardship withdrawal, you're taking that money out.
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If it's a traditional 401k account, you're paying income tax on the money you withdraw.
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If you're younger than 59 and a half, you're also probably paying a 10% penalty on your withdrawal.
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Showing 661–680 of 4,485 · page 34 of 225
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