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Retirement Savers Tap 401(k) Hurricane and Disaster Plans


Residents of Florida suffered financial damage from Hurricane Ian can tap into their retirement accounts to cover emergency expenses, a last resort that many disaster victims are using.

However 401(k) plan Set up to keep Americans’ nest eggs out of reach until retirement age, the Internal Revenue Service allows savers to withdraw money for certain economic hardships, including buy a house firstprevent foreclosure and pay high medical bills. Since the IRS added natural disasters to its list of sanctioned reasons for difficult withdrawals in 2020, thousands of workers have used their retirement savings for that purpose.

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