While a 401(k) is intended to provide you with income once you retire, there may be times when you need to access that money for shorter-term needs.
If this is the case, there are generally several ways you can access the funds in your 401(k) account, which include:
Each of these options have their own rules, requirements, and associated financial implications, so you’ll want to access the articles linked above to learn more and determine which (if any) are right for you.
Where to review your withdrawal options
If you’d like to see a comparison of the ways you can take money out of your 401(k) and determine which you are eligible for, you can do so within your Guideline dashboard.
Click on the Transfers button in the main navigation.
Within the menu, select Take money out. Then, click the “Withdraw or borrow” option.
Enter the purpose or reason for your withdrawal, such as general expenses or medical emergency.
Input the amount you would like to withdraw, then hit the “Calculate” button.
You’ll then see the available options for removing your funds.
Reviewing and selecting your withdrawal method
Once your withdrawal options are displayed, you’ll be able to review important information about each, such as the processing timeline, estimated tax withholding, repayment terms, amount you may qualify for, and the overall impact on your retirement. You can select the info icon to learn more about any of these topics¹.
If you are not eligible for any specific withdrawal methods, those selections will be grayed out, and you’ll see an explanation of why.
Once you decide on the option you’d like to move forward with, click the “Select” button.
You’ll then be provided with important terms or details regarding the withdrawal method you chose and the process you can expect. Once you’ve read through the information, click the button to move forward, and you’ll be guided through the application process.
Where to see the status of your withdrawal request
Once you submit a withdrawal request, you can keep track by accessing the Activity page under the Transfers menu.
As you hit different milestones in the withdrawal process, such as when your application has been approved or when the funds are sent, you’ll receive email notifications, as well.
¹ Note that the information provided will be based on estimates. The actual terms of your withdrawal will depend on the information you provide in your full application.