A hardship withdrawal is a withdrawal of a heavy financial amount from a retirement plan in case of extremely high need of money when the needy don’t have resources to repay the debt. A hardship withdrawal should be used in extreme cases. The extreme cases can be an immediate large medical expense for example as a result of an accident where the amount is above the insurance cover.
Another case when headship is possible is the heavy expenses on the foreclosure of the house. Hardship withdrawal can also be used by a parent to pay for 12 months of tuition fee for a son or grandson that is due immediately.
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