401 k from Walmart inc hard to get out for good reasons?
In 2009 I went to the hospital for a injury the bill came so I tried to get money out of my 401k from Merrill Lynch thru Walmart but I a, 100 % vested with 12 years of service. They rejected it after I sent ll the info they want to show it was a bill Know in 2011 I am being sued over the same amount so i ask for a hardship withdrawal fax the paper of the amount I being sued from and again rejected why is it so hard to get my money out for what I need it for.
- exactdukeLv 79 years agoFavorite Answer
401k plans are for retirement PERIOD.
Many plans have provisions for hardship withdrawals. But not all plans have this provision. That is likely your problem.
Editorial comment - many Americans don't save enough for retirement. They are constantly getting loans or cashing out retirement accounts. Or they simply don't save enough. Then when they get to retirement age & they have no money, they whine 'social security isn't enough to retire on'. Golly, whose fault is that??
- bdancer222Lv 79 years ago
Rules vary by employer for 401k. Not all companies allow for loans or withdrawals. It sounds like Walmart has a pretty strict plan and your request simply doesn't qualify as a hardship under their definition.
Your 401k is for retirement. It isn't savings or a slush fund. When you actually retire, you will be glad that you have that money. By the way, a judgment can't touch your 401k.Source(s): BD
- 9 years ago
I'm sorry that you were using your 401K as some sort of an emergency fund. That is not what it is intended to be at all....
- Anonymous9 years ago
Because the 401K was supposed to be your retirement. This was not supposed to be your only savings.
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- R KLv 79 years ago
you can take money out before your 62. you will just pay a penalty. they can't keep you from taking it out if you want it. it will just cost 30% to take it out if your under 62.