What Sandy victims can do if they need a loan | Reduction

What Sandy victims can do if they need a loan

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Salvatore Conte, 65, looks out at the debris removed from his home that was severely damaged by superstorm Sandy Nov. 5, 2012, in New York. Conte, a Vietnam veteran, has lived in this house since 1995.  / AP Photo (MoneyWatch) Last week I wrote that employers were reporting an increase in workers taking hardship withdrawals from their retirement plans to meet their financial needs in the wake of superstorm Sandy. Shortly thereafter, the IRS eased requirements for loans and hardship withdrawals for employees and family members who live in the affected areas. To qualify for this relief, the hardship withdrawals must be made before Feb. 1, 2013. But before folks take a hardship withdrawal from their retirement plan, I recommend they consider these alternatives. 401(k) Loans. If your 401(k) plan allows you to take a loan, then it may be worth considering.

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Salvatore Conte

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Organization: IRS

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FieldTerminology: insurance premiums

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FieldTerminology: health insurance premiums

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City: New York

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• New York, Lincolnshire: dbpedia
• New York, Lincolnshire: yago

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Although the IRS is allowing people hit by the storm to make hardship retirement withdrawals, there are better alternatives

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What Sandy victims can do if they need a loan

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• 401(k) withdrawals
• dpst cbssandy
• dpst cbssandy finance
• hardship withdrawals
• irs relief
• sandy relief

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