What happens if I withdraw early from my 401(k)?

If you are not at least age 59-1/2, you are not eligible to take money out of your retirement account except for very specific purposes. This is called a hardship withdrawal and you’ll need to talk with your Human Resources department or plan record keeper about the particulars. You should be aware there are significant federal penalties for withdrawing money early, and you will also be taxed when you take the money out.

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