3 Proven Hardship Letter for 401k Withdrawal Templates

Discover 3 proven hardship letter templates for 401k withdrawals. Simplify your process with our expert guides.

Template 1: Medical Expenses Hardship Withdrawal

[Your Name]
[Your Address]
[City, State, ZIP Code]
[Email Address]
[Phone Number]
[Date]





[Plan Administrator’s Name]
[Company Name]
[Company Address]
[City, State, ZIP Code]

Dear [Plan Administrator’s Name],

I am writing to request a hardship withdrawal from my 401k account due to significant medical expenses I have recently incurred. Unfortunately, these expenses have exceeded my financial capacity, and I am in urgent need of funds to cover them.

Explanation of Hardship

I was recently diagnosed with [specific medical condition], which requires ongoing treatment and medication. Despite having health insurance, the out-of-pocket costs are substantial, and I am unable to meet these expenses with my current income.

Details of the Hardship


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To provide more context:

  • Medical Treatment Costs: [Briefly describe the treatment or procedure and its necessity].
  • Amount Owed: $[specific amount]
  • Date of Treatment: [specific dates]

Amount Requested

I am requesting a hardship withdrawal of $[amount] to cover the necessary medical expenses. I understand that this withdrawal will be subject to taxes and penalties, and I am prepared to accept these consequences to address my financial needs.

Supporting Documentation

I have attached the following documentation to support my request:

  • Copies of medical bills
  • Insurance statements
  • Letter from my healthcare provider

Acknowledgment of Terms

I acknowledge that this hardship withdrawal is subject to the terms and conditions of the 401k plan. I have read and understood these terms, and I am aware of the impact this withdrawal will have on my retirement savings.

Conclusion

I appreciate your prompt attention to my request and hope for a favorable response. Please contact me at [your phone number] or [your email address] if you require any further information.

Sincerely,

[Your Name]
[Signature, if submitting a physical copy]


Template 2: Preventing Eviction Hardship Withdrawal

[Your Name]
[Your Address]
[City, State, ZIP Code]
[Email Address]
[Phone Number]
[Date]

[Plan Administrator’s Name]
[Company Name]
[Company Address]
[City, State, ZIP Code]

Dear [Plan Administrator’s Name],

I am writing to request a hardship withdrawal from my 401k account to prevent eviction from my home. Due to unforeseen financial difficulties, I am unable to pay my rent and am at risk of losing my residence.

Explanation of Hardship

I have experienced a significant reduction in my income due to [briefly explain the reason, such as job loss, reduced hours, or other circumstances]. As a result, I have fallen behind on my rent payments and received an eviction notice from my landlord.

Details of the Hardship

To provide more context:

  • Reason for Income Reduction: [brief explanation]
  • Amount Owed: $[specific amount]
  • Date of Eviction Notice: [specific date]

Amount Requested

I am requesting a hardship withdrawal of $[amount] to cover the overdue rent and prevent eviction. I understand that this withdrawal will be subject to taxes and penalties, and I am prepared to accept these consequences.

Supporting Documentation

I have attached the following documentation to support my request:

  • Copy of the eviction notice
  • Rent statements
  • Documentation of income reduction (e.g., unemployment notice, pay stubs)

Acknowledgment of Terms

I acknowledge that this hardship withdrawal is subject to the terms and conditions of the 401k plan. I have read and understood these terms, and I am aware of the impact this withdrawal will have on my retirement savings.

Conclusion

I appreciate your prompt attention to my request and hope for a favorable response. Please contact me at [your phone number] or [your email address] if you require any further information.

Sincerely,

[Your Name]
[Signature, if submitting a physical copy]


Template 3: Funeral Expenses Hardship Withdrawal

[Your Name]
[Your Address]
[City, State, ZIP Code]
[Email Address]
[Phone Number]
[Date]

[Plan Administrator’s Name]
[Company Name]
[Company Address]
[City, State, ZIP Code]

Dear [Plan Administrator’s Name],

I am writing to request a hardship withdrawal from my 401k account due to unexpected funeral expenses for a close family member. This sudden event has placed a considerable financial burden on me, and I require immediate funds to cover these costs.

Explanation of Hardship

On [specific date], my [relationship to the deceased] passed away unexpectedly. As the next of kin, I am responsible for the funeral arrangements and associated expenses. Unfortunately, these costs are beyond my current financial means.

Details of the Hardship

To provide more context:

  • Funeral Costs: [Briefly describe the funeral arrangements and necessity]
  • Amount Owed: $[specific amount]
  • Date of Funeral: [specific date]

Amount Requested

I am requesting a hardship withdrawal of $[amount] to cover the funeral expenses. I understand that this withdrawal will be subject to taxes and penalties, and I am prepared to accept these consequences.

Supporting Documentation

I have attached the following documentation to support my request:

  • Copies of funeral bills
  • Death certificate
  • Proof of relationship to the deceased

Acknowledgment of Terms

I acknowledge that this hardship withdrawal is subject to the terms and conditions of the 401k plan. I have read and understood these terms, and I am aware of the impact this withdrawal will have on my retirement savings.

Conclusion

I appreciate your prompt attention to my request and hope for a favorable response. Please contact me at [your phone number] or [your email address] if you require any further information.

Sincerely,

[Your Name]
[Signature, if submitting a physical copy]

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