For the benefit of all those who are still pretty new to to personal finance please remember: your retirement account is NOT a checking account.
A lot of people people seem to think that its easy to get money out of a retirement account. This isn't the case.
1) Getting money out can take a week or longer
2) Paperwork and large fees are often required
3) Short of quitting your job, its often hard to get the money at all
4) If you do take withdrawals, you're at the mercy of IRS regulations
5) Withdrawals or loans against your retirement depend on processing procedures and team competencies, which means that delays can and do happen.
So, remember 401(k)/403(b)/457 money is retirement money, don't expect to see it again until you're ready to retire.
A lot of people people seem to think that its easy to get money out of a retirement account. This isn't the case.
1) Getting money out can take a week or longer
2) Paperwork and large fees are often required
3) Short of quitting your job, its often hard to get the money at all
4) If you do take withdrawals, you're at the mercy of IRS regulations
5) Withdrawals or loans against your retirement depend on processing procedures and team competencies, which means that delays can and do happen.
So, remember 401(k)/403(b)/457 money is retirement money, don't expect to see it again until you're ready to retire.
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