Have you ever wondered how you can withdraw money from your 401K Plan? Perhaps you are having hardships and need the money fast to pull you through. Here are simple guidelines for withdrawing the money that you deserve and have it in your wallet in a timely manner.
Getting In Touch With The One In Charge Of Your 401K Plan
Withdrawing funds from your 401K Plan begins with contacting the financial institution in charge of your funds. Give them a visit in person or make a phone call to discuss their rules and policies regarding utilizing your 401K Plan. Let them know if you intend on getting the full amount or only a portion of it.
Understanding the Account Disclosure
If after speaking with the specialist at the financial institution you decide to proceed with withdrawing funds from your 401K Plan, expect to receive important documents and disclosures concerning your account. Read these documents very carefully and understand any penalties or fees you will incur for certain circumstances. Make sure you are ready to proceed with withdrawing the funds.
Receiving Money From Your 401K Plan
After reviewing the documents, disclosures and deciding you want the money, contact the financial institution's specialist and inform them that you would like to withdraw your money. They will process your application and get you on the road to getting the money you asked for. The time it takes to receive your money can vary. You can ask the specialist how long it will take to process the application and they should be able to give you an approximate amount of time. Now just wait for your money!