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Withdrawals

Age 59½ withdrawals. Once you reach age 59½, you can make withdrawals from your 401(k) Savings Plan account balance.

Rollover withdrawals. You can withdraw assets that you rolled over from another employer-sponsored retirement savings plan or an IRA.

Hardship withdrawals. You can withdraw money from your account for a serious financial hardship, including:

  • Purchase of a principal residence.
  • Unreimbursed medical expenses.
  • Tuition and fees for postsecondary education.
  • Prevention of eviction or mortgage foreclosure.
  • Burial or funeral expenses for a parent, spouse, child, or dependent.
  • Certain expenses for repairing your principal residence if the expenses qualify as a casualty deduction.

Before making a hardship withdrawal, you must first exhaust other options, including loans. In addition, you cannot contribute to the Plan for six months after the withdrawal if the hardship is taken from the 401(k) portion of the account.

Tax implications: You will be responsible for paying any federal, state, local, or foreign taxes on a distribution or withdrawal from pre-tax accounts. A distribution or withdrawal of Roth 401(k) earnings is usually also taxable unless the initial Roth contribution was made more than five years ago and you are at least age 59½. Early withdrawals may be subject to a 10% federal penalty tax. To the extent required by law, Vanguard will make the appropriate withholding for tax purposes.

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Ready to enroll in your 401(k) Savings Plan?

You will need your:

  • Social Security number
  • Zip code
  • Birth date
  • Plan number (093492)

Already enrolled?

For assistance
managing your account,
contact Vanguard.

Need assistance?

To request a withdrawal, call (800) 523-1188 (hearing-impaired: (800) 749-7273) to speak with a Vanguard associate.

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