You Searched For "401k early withdrawal" and got 20 results
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4 mins read
A boomer lives on $1,601 monthly from Social Security and struggles to pay bills. She plans to wait a few more years until she touches her 401(k).
Maureen lives on $1,601 monthly Social Security payments but doesn't want to use her 401(k) because…
Allie Kelly
3 mins read
A retiree says $1,620 monthly Social Security isn't enough to live on, but she's worried about draining her savings too early
Elizabeth McCoy, 61, is struggling with expenses in central Indiana. High medical bills might force…
Allie Kelly
6 mins read
How a Seattle couple achieved financial independence in their mid-30s with a net worth over $4 million — and why they don't want to retire early
Mai-lan Phan and her husband Ryan Wagoner achieved financial independence with a net worth over $4 …
Noah Sheidlower
4 mins read
Millennials on track to retire early are maxing out HSAs to supplement their savings. Here's who's eligible, and how you can use it to grow your money.
If you have a high deductible health plan (HDHP), you can save and invest in a health savings accou…
Kathleen Elkins
4 mins read
A Gen Xer who grew her savings from $50k to $350k in 10 years shares the FIRE methods she's using to get to $1 million
A Gen Xer shares the FIRE strategies she uses to reach $1 million in savings and retire by age 55.
Jacob Zinkula
6 mins read
Your VO2 max is like a '401(k) for longevity' — here's how to invest in it for better heart health and a longer life
VO2 max is a marker of endurance, usually measured with a stress test; the higher it is, the better…
Gabby Landsverk
8 mins read
Borrowing from your 401(k) plan can be helpful in accessing funds when you need it - here's what to know
A 401(k) loan allows you to borrow from your retirement account. But you'll have to pay interest an…
Choncé Maddox
4 mins read
A millennial couple who grew their net worth from less than $100K to over $800K share the 'house-hacking' strategy that made it possible
A New Hampshire-based couple wants to retire by age 35 and become full-time parents. A house-hackin…
Jacob Zinkula
6 mins read
Borrowing from your 401(k) plan can be a fast, advantageous way to meet serious financial needs - here's everything you need to know about 401(k) loans
Borrowing from a 401(k) avoids the usual taxes and penalties that early withdrawals incur. You repa…
Walecia Konrad
5 mins read
How to withdraw from your traditional 401(k) account early — the strategies to avoid penalties and fees
A 401(k) early withdrawal —taking funds from the account before age 59½ — usually triggers a 20% ta…
Jean Folger
4 mins read
The rule of 55 lets you tap into your 401(k) early without paying a penalty, but only if you meet the age requirement and other terms
Under the rule of 55, if you have left your employer and are over 55, you can withdraw money from y…
Clint Proctor
6 mins read
How a Gen Xer went from declaring bankruptcy at 30 to being on track to retire early in her 50s
Chris Elle Dove, who for a few years relied on Social Security survivor benefits, is set to retire …
Noah Sheidlower
5 mins read
Gen Xers who began their financial independence journeys in their 40s and 50s explain how they're on pace to meet their early retirement goals
BI spoke to late starters who started to save and invest in their 40s and 50s and set themselves up…
Noah Sheidlower
3 mins read
401(k)s soared so much in the last year it's making more Americans rich enough to retire
The number of 401(k) millionaires hit a record this year, Fidelity said. At the same time, American…
Ben Winck,Andy Kiersz
6 mins read
Inheriting an IRA? Here are all the options and withdrawal rules beneficiaries should know
An inherited IRA is established with funds bequeathed from a deceased person's IRA or 401(k). Benef…
Lee Huffman
4 mins read
I was laid off at 57. I've been rejected from hundreds of jobs — even after knocking $50K off my salary expectations.
A woman in her 50s was laid off. She told Business Insider about how she's struggling to land a job…
Ella Hopkins
9 mins read
403(b) vs. 401(k): What's the difference?
403(b) and 401(k) plans are two similar options employers provide for retirement savings, but there…
Robin Kavanagh
4 mins read
Vesting is a milestone that marks an employee's ownership of their retirement plan or stock options
Vesting signifies the amount of ownership an employee has in employer contributions to their retire…
Alene Laney
3 mins read
Roth 401(k): An investment option that can help you create a tax-free income stream in retirement
A Roth 401(k) is an employer-sponsored retirement plan funded with after-tax earnings. Qualified wi…
Aly J. Yale
6 mins read
Roth 401(k) vs. Roth IRA: How each of these after-tax retirement accounts can help maximize your savings
Roth 401(k) and Roth IRA accounts are funded with after-tax dollars and provide tax-free distributi…