If you’d like to withdraw from your 401k retirement plan, the first step is to check on the balance you have in the account. The 401k plan is your retirement plan which is accessible through your employer or custodian of your plan through some simple procedures.
Since the custodian of your 401k plan is your employer or plan administrator, they are your first point of contact. Your 401k plan should be set up to send you a quarterly report of your balance. In the event that you do not receive this report, be sure to enable this option. If you would like a report between quarters, your plan administrator or human resources department can run a report to give you the current balance on your 401k. When checking a 401k plan performance, ask a financial advisor or plan administrator about the kind of investments that your plan makes. This lets you know where your money is being put to work and what the expected returns may be. A detailed report of the investments and the performance of your plan may be obtained from your plan administrator.
If you intend to withdraw money from your 401k plan, there are certain terms and conditions under which the money may be released to you. Remember that the final word on approving your withdrawal lies with your employer. Early withdrawals from your 401k plan may attract penalties and interest charges. Medical or funeral expenses, insolvency and other forms of hardship are some of the reasons for making withdrawal from your plan.
Since the custodian of your 401k plan is your employer or plan administrator, they are your first point of contact. Your 401k plan should be set up to send you a quarterly report of your balance. In the event that you do not receive this report, be sure to enable this option. If you would like a report between quarters, your plan administrator or human resources department can run a report to give you the current balance on your 401k. When checking a 401k plan performance, ask a financial advisor or plan administrator about the kind of investments that your plan makes. This lets you know where your money is being put to work and what the expected returns may be. A detailed report of the investments and the performance of your plan may be obtained from your plan administrator.
If you intend to withdraw money from your 401k plan, there are certain terms and conditions under which the money may be released to you. Remember that the final word on approving your withdrawal lies with your employer. Early withdrawals from your 401k plan may attract penalties and interest charges. Medical or funeral expenses, insolvency and other forms of hardship are some of the reasons for making withdrawal from your plan.
