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Video tutorial: Mastering the fidelity 401k withdrawal

are you considering cashing out your 401K due to financial hardship or debt unless you know its in this video you could end up losing 30 of your money to early withdrawal penalties hi and welcome back to stop being sold my name is Michelle and Im here with Brian and in todays video were covering exactly what you need to know before you take money from your 401k or completely cash it out and were going to show you how to keep more of your money and tips on how to avoid paying those pesky 401K early withdrawal penalties yeah you know Michelle Americans are taking more and more from their 401ks right now from all the reports that were starting to hear because High inflation and high medical cost um seem to be some of the reasons for it and ing to Vanguard last October hit a record of 401k hardship withdrawals and as inflation hit its Peaks so sure not its not shocking right and Im sure that I I personally think this is a trend that will will continue uh well into 2023. so obviousl

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.
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For a withdrawal from your Employer-Sponsored Retirement Plan (such as a 401k or 403b) Single Withdrawal Request (You will be directed to NetBenefits. Once you log into NetBenefits, choose the account from which you want to withdraw. Then click on Loans, Rollovers, and Withdrawals.)
The easiest way is to simply visit Fidelitys website and request a check there. However, you can also docHub out via phone if you prefer: Call 800-343-3543 with any questions about the process. From there, you can download the appropriate withdrawal request form and then mail it to the address listed on the form.
You can make a withdrawal from your IRA online, or request a withdrawal by phone or at a Fidelity Investor Center.
Starting at age 59, you can take withdrawals without penalties, though note that taxes may be due based on the type of IRA. You are not required to take withdrawals from any accounts before age 72. Your withdrawals should factor into your overall retirement strategy.
The processing time for your withdrawal depends on the method you use to withdraw your money. If you choose to transfer your money electronically to another account, such as a checking or savings account, your withdrawal should process within 1 to 3 business days if you submit your request by 4 p.m. ET.
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People also ask

For a withdrawal from your Employer-Sponsored Retirement Plan (such as a 401k or 403b) Single Withdrawal Request (You will be directed to NetBenefits. Once you log into NetBenefits, choose the account from which you want to withdraw. Then click on Loans, Rollovers, and Withdrawals.)
The easiest way is to simply visit Fidelitys website and request a check there. However, you can also docHub out via phone if you prefer: Call 800-343-3543 with any questions about the process. From there, you can download the appropriate withdrawal request form and then mail it to the address listed on the form.
Depending on what your employers plan allows, you could take out as much as 50% of your savings, up to a maximum of $50,000, within a 12-month period. Remember, youll have to pay that borrowed money back, plus interest, within 5 years of taking your loan, in most cases.
By age 59.5 (and in some cases, age 55), you will be eligible to begin withdrawing money from your 401(k) without having to pay a penalty tax. Youll simply need to contact your plan administrator or log into your account online and request a withdrawal.
Checks can be sent to your record address or to your bank account. Your check will arrive five to seven business days after your request is received by Fidelity. There is no fee to have a check sent, however if you need to liquidate any holdings, commissions or mutual fund fees, if any, still apply.

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