Can I make withdrawals from my NY Life retirement account before retirement age?

Yes, you can make withdrawals from your NY Life retirement account before reaching the retirement age, but it is subject to certain rules and conditions. Typically, early withdrawals may incur penalties and taxes. However, specific details depend on the type of retirement account you have and the applicable regulations. For instance, if you have a 401(k) plan, you may be eligible for a hardship withdrawal in case of immediate and heavy financial need. Another option is taking a loan from your retirement account, typically limited to 50% of your vested balance. It is crucial to consult the plan documents, speak with a financial advisor or reach out to NY Life Retirement Services directly to understand the withdrawal options available to you and their respective implications on your retirement savings.