Talk with aRetirement Specialist800-228-8076
A retirement plan may, but is not required to, provide for hardship distributions. You may be able to withdraw up to the total vested balance of your account, minus the amount of any previous hardship withdrawals you've made. In some cases, you may not make further contributions to your retirement plan following a hardship withdrawal.
Your employer will generally require that you submit your request for a hardship withdrawal in writing—withdrawal requirements are determined by the rules of your employer’s retirement plan. To learn more about your plan's provisions for hardship distributions, log on to PlanTrac or call 800-228-8076 for assistance.
Retirement plan withdrawals may be used to pay:
You may be able to withdraw up to the total vested balance of your account, minus the amount of any previous hardship withdrawals you've made. In some cases, you may be penalized from making further contributions to your retirement savings plan for a certain time period after a hardship withdrawal, which will further impact your retirement savings. Make sure to check your plan rules to make an informed decision.
Hardship withdrawals are subject to income tax and, if you are not at least 59½ years of age, a 10% withdrawal penalty. However, unlike a retirement plan loan, you do not have to repay the withdrawal amount.