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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WSJ Your Money Briefing · Americans Are Drawing From Their 401(k)s to Cover Expenses · 3 Feb 2023 podcast

So it's a bit of a hodgepodge at this point.

But when it comes to hardship distributions from 401k accounts for things like evictions and foreclosures, et cetera, the 10% penalty typically still applies.

Although not to overcomplicate things, but with IRAs and 401ks, there can be some differences on when the 10% penalty applies.

Yeah, it's a bit of a dilemma.

You know, if you're facing eviction or foreclosure, arguably, as one person said to me, yes, you might have this pot of money and maybe that pot of money, you're going to need to rely on that in 20, 30, 40 years.

But, you know, if you're facing the loss of your home and the roof over your head.

next month, then there can be very strong arguments to take that money.

People argue that in many cases, people should consider taking a loan before they take a hardship distribution because with a loan, you pay yourself back and you pay yourself back out of payroll contributions.

So your employer will set that up automatically.

That said, if you don't have room in your

budget to repay a loan, you know, then you might really have no choice but to take a hardship distribution if it's a compelling, you know, if it's an emergency that's critical.

So there's a lot of different factors to consider, but at least people should look into taking a 401k loan before they default to taking a hardship distribution.

It depends on what your alternatives are.

I mean, if your alternative is between taking a 401k loan or a hardship distribution or taking out high-interest credit card debt, you'd really have to think very carefully before putting something on a credit card that you're not sure you can pay off.

I mean, that can have...

ramifications for your credit score, which that can cause other financial problems down the road.

So, you know, I think people in this situation should seek out advice ideally before, you know, making any quick decisions.

Thank you.

WSJ Your Money Briefing · Cryptocurrency as a 401(k) Investment Option: Pros and Cons · 7 Nov 2022 podcast

This is sort of a competitive advantage for them within the 401 industry. matched

It differentiates them. matched

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