A record share of Americans tapped their 401(k) plans last year for so-called hardship withdrawals, a financial lifeline that can help people who are strapped for money handle emergencies.
A record share of Americans tapped their 401 plans last year for so-called hardship withdrawals, a financial lifeline that can help people who are strapped for money handle emergencies like medical care or staving off eviction.
The tax agency notes that consumer purchases, such as buying a car or a boat, aren't considered an immediate and heavy financial need and wouldn't be approved. signed into law by President Biden in December. The new rules allow employees to self-certify that they meet the hardship criteria and will only take out the amount they need to cover their financial emergency. Previously, employees had to prove to their employer or their plan sponsor that they met the requirements.
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