Financial Hardship or Unforeseeable Emergency


Retirement savings plan are not designed to be used like a checking account. However, unexpected circumstances or emergencies do occur. That's why many plans permit withdrawals for certain financial emergencies.

If your employer's plan permits, you may be able to take a withdrawal to:

Amounts withdrawn may be subject to ordinary income taxes and your investment provider may also apply a withdrawal charge. Other taxes may also apply. Speak with your tax advisor for information on your specific circumstances.

Note, too, that if you take a financial hardship withdrawal from a 403(b) plan, you will not be allowed to contribute to any retirement saving plan your employer sponsors for at least six months.


1 Permitted under 403(b), 401(k), [ and 401(a) ? ] plans, but not 457(b) plans.

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