Probably not, and here's why.
Taking money out of your employer’s 401 plan while you’re still on its payroll is about to get easier. The federal government’s new rules about “economic hardship” withdrawals from retirement savings plans like 401s go into effect in January 2020.
Most medium-to-large companies allow for hardship withdrawals and 401 loans, the main alternative for accessing retirement savings while working. loans in a moment.) What retirement experts expect “My take is that more employees will be inclined to take hardship withdrawals, with employer matches and investment earnings now becoming accessible,” says Olivia Mitchell, professor of insurance and risk management at the Wharton School and executive director of the Pension Research Council.
The big worry: 401 leakage The big worry is that the making hardship withdrawals easier will increase what’s known as 401 “leakage” — meaning people using their retirement plan money while employed.Participants in 401 plans aged 25 to 55 withdrew at least $29.2 billion early as hardship withdrawals, lump sum payments made at job separation and unpaid loan balances in 2013, according to a March 2019 Government Accountability Office report on 401 plans.
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