Accessing your money before retirement
Generally, you can withdraw your account balance if any of these events apply:
You must begin taking distributions when you reach age 72 (age 70½ if born before July 1, 1949) or retire from the employer sponsoring the plan, whichever occurs later.
To the extent permitted by the applicable investment option, you may elect to receive a distribution of all or a portion of the amount held in your rollover account at any time.
Remember that income tax is due at withdrawal, and withdrawals from your 403(b) account prior to age 59½ are subject to federal restrictions and a 10% federal tax penalty.
If you have an immediate financial need created by severe hardship and you lack other reasonably available resources to meet that need, you may be eligible to receive a hardship withdrawal from your voluntary contributions. A hardship may include:
Medical expenses for you, your spouse or your dependent
Expenses directly related to the purchase of your principal residence
Tuition, fees, room and board, for post-secondary education for the next 12 months for you, your spouse, your children, or your dependents
Amounts required to prevent eviction from, or foreclosure on, your principal residence
Funeral expenses for your deceased parent, spouse, children or dependents
Repairs for uninsured or underinsured damage to your home due to theft, fire, storm or other casualty
If you feel you are facing a financial hardship, you should see your financial professional for more details including important information regarding required documentation.