Things to Know About 401(k) Loans and Hardship Withdrawals
Your 401(k) retirement plan is designed to help you save to achieve future financial security.
Although borrowing or withdrawing money from this savings could jeopardize your plans for retirement, you can access your savings if you need to. Before taking a loan or a hardship withdrawal from your 401(k), you may want to explore other options such as your emergency savings, a lending institution, or other source.
It is important to carefully consider whether using this money for current expenses is the right choice. Be sure you understand the tax and other financial consequences before making your decision.