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retirement savingsMarketWatch
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80% Informative
Tim Walz made a $ 135,000 early withdrawal from a 401(k-type plan last year .
Walz and his wife, Gwen , may have been able to afford such a withdrawal.
The early withdrawal likely accounted for 10% of their total retirement fund.
The IRS allows distributions for these types of withdrawals via hardship distributions.
People thinking about making an early withdrawal might consider taking out a loan from their 401(k) Instead, tap your brokerage account, refinance your home or take out a HELOC .
The Internal Revenue Service’s “rule of 55 ” takes into account that someone might lose their job before they reach 59 .
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