Can I withdraw from my 403B without penalty?
I am 66 years old and still employed in New York. My employer just switched 403B plans from Voya to Pentegra. Because of this, I can no longer take a loan on my Voya account, and there's very little in my Pentegra account. I make a decent living, but recent unavoidable bills have made my expenses higher than my income. I can't put it on a credit card (which would be at high interest anyway) because the local property and school tax collectors, home repair contractors, etc, all want cash or checks. I expect some of these bills to be one time expenses. Some will be reimbursed within the next 6 months or so. And I expect the ongoing bills (Medicare premiums, tax bills) to become more manageable as I pay off the one time expenses. But right now, I need an infusion of about $20,000. I understand I'll be liable for income tax, but can I withdraw from the Voya account without penalty? Or is there a better option. Thank you.
