1. Medical expenses for you, your spouse, or dependents

2. Purchase of a primary residence or repair of a primary residence

3. College tuition and related educational costs such as room and board for the next 12 months for you, your spouse, dependents, or children who are no longer dependents

4. Payments necessary to prevent eviction from your home, or foreclosure on the mortgage of your principal residence.

5. Funeral or burial expenses for immediate family members.

You do not have to pay the withdrawal amount back to the 401(k) account. However, as I mentioned previously, you can't contribute to the 401(k) plan for six months following the withdrawal.

So when investing in a retirement account don't think of it as a regular savings account. You won't be able to get that money back into your hands before age 59 ½ without a significant penalty or hardship that you can prove.

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