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September 30, 2023 10:00 am
More Americans are tapping their 401ks because of financial distress. In fact, the number of people who made a hardship withdrawal surged 36% from the second quarter of 2022! If you're thinking of tapping your 401(k) early, Peter with Richon Planning and Erin Kennedy explain how it works and the risks, including:
-How can I withdraw money from my 401k without penalty?
-How the passage of the SECURE Act made hardship withdrawals even easier
-The lost "opportunity cost" of tapping your 401(k)
Keep in mind, if you're not 59.5 and you make a withdrawal, not for a hardship, you're going to face a 10% penalty and income taxes! Whereas, with a Roth account, you can always tap your contributions without facing any penalties. If you're looking to find some supplemental income, please feel free to chat with Peter about your best options; there may be some strategies you haven't considered. Book a complimentary consultation by calling (919) 300-5886 or by visiting www.RichonPlanning.com
#WealthManagement #401k #Retirement #TaxPlanning
