It's also important to have a plan to refund this money within the 60 - day requirement to avoid paying taxes and a penalty on your withdrawal. (policygenius.com)
Depending on the type of account, your age and the plan's rules, you may have to pay taxes and penalties on any withdrawals, which will set you back considerably. (traditionalira.com)
With this option, you can take withdrawals tax and penalty free. (thecollegeinvestor.com)