SGL Live on WGN 9 News – Borrowing From a 401(k)

Our very own Steve Lewit, SGL President, returned to WGN 9 News to discuss important do’s and don’ts of early 401(k) withdrawals, helping viewers navigate tough financial choices while avoiding costly penalties.

Here’s what was covered Live on WGN 9 News:

• Nearly 5% of people with 401(k) accounts took early withdrawals in 2024, a record high. Early withdrawals mean taking money out before age 59½ and usually come with taxes and penalties.
• People often make early withdrawals to cover urgent expenses like medical bills or to avoid foreclosure, but doing so can be costly and should be done with caution.
• Alternatives include using non-retirement savings first, checking if your 401(k) offers loan options, and talking to a financial professional to explore the best choices for your situation.