Need to Tap Your 401(k)?

Proceed with Care!

 

Everyone faces challenges, and some challenges require more cash than you have readily available. If you find yourself in that position, you might eye your 401(k) balance and consider using those funds to meet your present needs.

That’s a natural response, but it’s usually not a good idea.

Taxes and Lost Growth

If you are younger than age 59½, you generally cannot withdraw funds from your employer’s retirement plan while you are still employed, unless you qualify for a hardship distribution (explained later). If you are older than 59½, some plans may allow an in-service distribution.

Even if you are eligible, all distributions from a traditional 401(k) are subject to ordinary income tax, and a 10% federal income tax penalty generally applies to…

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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 20 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.

Please let Craig know that the Green Bay News Network Sent You!

CMS Retirement Income Planning

Craig Siminski is a Retirement Income Planner professional with twenty two years of experience. His goal is to help ensure his clients will have enough income to maintain their dignity and independence in retirement.

Craig is committed to designing and implementing financial strategies that focus on his clients’ needs.  He seeks to be a lifetime resource for each and every client.

Give him a call at 920-569-8363 or email him at csiminski@equitydesigngroup.com and tell him the Green Bay News Network sent you!