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3255: Should You Take a Hardship Withdrawal? by Cynthia Meyer with Financial Finesse on Tax Advice

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Manage episode 501498782 series 2394769
Content provided by Optimal Living Daily LLC and Optimal Living Daily | Diania Merriam. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Optimal Living Daily LLC and Optimal Living Daily | Diania Merriam or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.

Episode 3255:

Cynthia Meyer explains why tapping into your 401(k) or 403(b) through a hardship withdrawal should be a last resort, outlining the steep tax penalties, loss of long-term growth, and strict IRS rules that apply. She offers a series of practical questions to weigh alternatives, like selling assets, using a Roth IRA, or taking a retirement plan loan, before sacrificing retirement savings. The advice encourages a disciplined, future-focused approach to financial emergencies while still addressing urgent needs responsibly.

Read along with the original article(s) here: https://www.financialfinesse.com/2017/03/27/should-you-take-a-hardship-withdrawal/

Quotes to ponder:

"Just because you could withdraw funds doesn’t mean that you should do it."

"A hardship withdrawal is meant for a true emergency."

"Think of it as a tax I’ve paid to my future self."

Learn more about your ad choices. Visit megaphone.fm/adchoices

  continue reading

4079 episodes

Artwork
iconShare
 
Manage episode 501498782 series 2394769
Content provided by Optimal Living Daily LLC and Optimal Living Daily | Diania Merriam. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Optimal Living Daily LLC and Optimal Living Daily | Diania Merriam or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.

Episode 3255:

Cynthia Meyer explains why tapping into your 401(k) or 403(b) through a hardship withdrawal should be a last resort, outlining the steep tax penalties, loss of long-term growth, and strict IRS rules that apply. She offers a series of practical questions to weigh alternatives, like selling assets, using a Roth IRA, or taking a retirement plan loan, before sacrificing retirement savings. The advice encourages a disciplined, future-focused approach to financial emergencies while still addressing urgent needs responsibly.

Read along with the original article(s) here: https://www.financialfinesse.com/2017/03/27/should-you-take-a-hardship-withdrawal/

Quotes to ponder:

"Just because you could withdraw funds doesn’t mean that you should do it."

"A hardship withdrawal is meant for a true emergency."

"Think of it as a tax I’ve paid to my future self."

Learn more about your ad choices. Visit megaphone.fm/adchoices

  continue reading

4079 episodes

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