The Real Cost Of Tapping Into Your 401(k) While accessing the funds in 401(k) accounts isn't impossible, it's highly advised against -- and for good reason. According to Forbes, Tapping Into that money should only occur if there's an "immediate and heavy financial need." In other words, it should be considered as a final resort, **t an emergency savings account. And the reasons aren't that complicated. For one, penalties and taxes generally apply, even for hardship distributions. For a**ther, that money has been set aside for a specific purpose; early access disturbs the financial security of you and Your loved ones' future. When Tapping Should Be Considered However, there are...
08-21-2015, 01:59 PM
The Real Cost Of Tapping Into Your 401(k)
While accessing the funds in 401(k) accounts isn't impossible, it's highly advised against -- and for good reason. According to Forbes, Tapping Into that money should only occur if there's an "immediate and heavy financial need." In other words, it should be considered as a final resort, **t an emergency savings account. And the reasons aren't that complicated. For one, penalties and taxes generally apply, even for hardship distributions. For a**ther, that money has been set aside for a specific purpose; early access disturbs the financial security of you and Your loved ones' future. When Tapping Should Be Considered However, there are...
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