You can generally take money out with no penalty (before 59 1/2) if:

You become totally disabled
You have medical debt that exceeds 7.5% of your gross income
You are required to give the money to a divorced spouse, child or dependent by court
You are separated from service and you have set up a payment schedule to withdrawal equal amounts over the course of your life expectancy.

You should check with the terms of your 401K, but that is generally how it works.

First... I am so sorry to hear of your illness, and will keep you in our family prayers. As far as your 401K... as long as you can submit evidence and Doctor bills, you WILL be able to collect on your 401K. Each company is set up with their own rules, and you should notify the company IMMEDIATELY that you have your 401K with... but Medical illness with financial burden is a definite way to collect! We wish you the best... we wish this with all our heart!

Is needing money because of chapter 13 bankruptcy reason for hardship withdrawal?

Is needing money because of chapter 13 bankruptcy reason for hardship withdrawal?

How do i make a withdrtawal form my 401k

I am on work comp, and need to withdraw my 401k, but my lawyer is saying that wc insurance could lower my insurance payments if i take that money is this true?