Frequently Asked Questions

401(k) Basics
What is a 401(k)?
What's the benefit of a 401(k) over other retirement investments?
Can I open an IRA or a Roth IRA if I already have a 401(k)?
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Beneficiaries
Can my child be my beneficiary?
How do I change my beneficiary?
What happens if I am the beneficiary of someone's 401(k)?
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Changing Jobs
What happens to my 401(k) if I quit or lose my job?
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Contributions
How much money can I contribute to my 401(k) each year?
What if I had two different jobs and contributed more than the IRS allows for the year?
How do I change my contribution rate?
Can I stop contributing to my 401(k)?
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Distributions - Generally
Can I withdraw money from my 401(k) any time?
If I withdraw money before age 59 ½ from my 401(k), will I have to pay a penalty?
How can I withdraw money before age 59 ½ from my 401(k) and avoid the 10% penalty?
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Death
What happens to my account if I die?
What should I do if I am the beneficiary on an account and the account holder has died?
What can I do with the money I receive from a distribution due to death?
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Disability
Can I withdraw money from my 401(k) account if I become disabled?
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Divorce
What happens to my 401(k) account if I get divorced?
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Financial Hardship
What constitutes a financial hardship?
Do I have to pay taxes on a hardship withdrawal?
How do I get a hardship distribution?
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Loans
How much can I borrow from my 401(k)?
What happens to my outstanding loan if I quit or lose my job?
Can I get more than one loan from my 401(k)?
How do I take out a loan?
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Retirement
When do I have to start taking distributions?
If I'm still working after age 70½, do I have to take the required distributions?
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Rollovers
How do I roll my 401(k) account over to my new employer's 401(k) plan?
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Vesting
What does it mean to be fully vested?
What if I leave the company before I'm fully vested?
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