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If you’re like many people who are socking away money in a 401(k) retirement plan (good work!), you probably know that early withdrawal of funds can trigger penalties, decreasing what you actually receive of those funds you saved.

But sometimes, you may need extra cash ASAP before you turn age 59½. Because money in your 401(k) account is not subject to federal income taxes until distribution, your 401(k) can lead to taxes as well as an early withdrawal penalty in this situation. For this reason, it may be worth exploring other options.

How Does a 401(k) Work?

A 401(k) is an account designed to hold money and investments for retirement. Why does it have such a funky name? Well, it’s named after a line in the tax code that gives the 401(k) its special taxation guidelines. It can be a reminder that rules regarding 401(k) accounts are set by the IRS and generally have to do with taxation.

Essentially, the IRS allows investors to stash a certain amount of money away each year for retirement, without having to pay income taxes on those contributions.

That contribution maximum amount is $24,500 per year for 2026, up from $23,500 for 2025, with additional catch-up contributions of up to $8,000 allowed for those 50 and older, up from $7,500 in 2025. Additionally, the investments within the account are allowed to grow tax-free.

401(k) participants can’t avoid paying income taxes forever, though. When retirees go to pull out money in retirement, they must pay income taxes on the 401(k) amount withdrawn.

So, while you have to pay income taxes eventually, the idea is that maybe you’ll pay a lower effective tax rate as a retired person than as a working person. (Although this isn’t guaranteed because no one can predict future tax rates.)

The IRS classifies 59½ as the age where a person can begin withdrawing from their 401(k). Before this age and without an exception, it is not possible to do a 401(k) withdrawal without penalty.

What is the Penalty for Withdrawing from a 401(k)?

When a 401(k) account holder withdraws money from a 401(k) before age 59½, the IRS may charge a 10% penalty in addition to the ordinary income taxes assessed on the amount.

Unqualified withdrawals from a 401(k) are considered taxable income. Then, the 10% penalty is assessed on top of that. This could result in a hefty penalty.

Is a 401(k) Withdrawal Without Penalty Possible?

There are some exceptions to the 401(k) early withdrawal penalty rule. For example, an exception may be made in such circumstances as:

•  A participant has a qualifying event such as a disability or medical expenses and must use 401(k) assets to make payments under a qualified domestic relations order

•  Has separated from service during or after the year they reached age 55

•  A distribution is made to a beneficiary after the death of the account owner.

Additionally, it may be possible to avoid the 401(k) withdrawal penalty through a method known as the Substantially Equal Periodic Payment (SEPP) rule. These are also called 72(t) distributions.

•  To do this, the account owner must agree to withdraw money according to a specific schedule as defined by the IRS.

•  The participant must do this for at least five years or until they have reached age 59½.

•  Under the 72(t) distribution, a participant will systematically withdraw the total balance of their 401(k). While this is technically an option in some instances, it does mean taking money away from retirement. Consider this while making your ultimate decision.

Alternatives to an Early 401(k) Withdrawal

Because of the steep penalty involved, you may feel inclined to shop around for some alternatives to early 401(k) withdrawal.

Borrowing From Your 401(k)

Participants can consider taking a loan from their active 401(k). The money is removed from the account and charged a rate of interest, which is ultimately paid back into the account. The interest rate is generally one or two points higher than the prime interest rate set by the IRS, but it can vary.

While this loan may come with a competitive interest rate that is repaid to the borrower themself and not a bank, there are some significant downsides.

•  First, taking money from a 401(k) account removes that money from being invested in the market. A participant may miss out on the market’s upside and compound returns.

•  Though a 401(k) loan might seem like an easy option now, it could put a person’s savings for retirement at risk. It is easy to imagine a scenario where the loan does not get repaid. If the loan is not repaid, the IRS could levy the 10% penalty on the distributed funds.

•  Money that is repaid to a 401(k) is done with post-tax money. The money that is borrowed from the 401(k) would have been pre-tax money, so replacing it with money the borrower has already paid taxes on may make a 401(k) loan more expensive than it initially seems.

•  If a person were to leave their company before the loan is repaid, the loan would need to be repaid by the time you file your taxes for that year or penalty and income tax could be due. Participants should proceed down this route with caution.

Withdrawing From a Roth IRA

A second option is to consider withdrawing funds from Roth IRA assets. Under IRS rules, any money that is contributed to a Roth IRA can be removed without penalty or taxes after 5 years.

Unlike with a 401(k), income taxes are paid on money that the account holder contributes to the account. Therefore, these funds aren’t taxed when the money is removed. (This only applies to contributions, not investment profits.)

Now, the downside to consider:

•  Again, common advice states that removing money from any retirement account should generally be considered a last-resort option. The average person is already behind in saving for retirement, so even Roth IRA funds should only be considered after all other options are exhausted.

Accessing a Personal Loan

Another option to consider could be a personal loan. An unsecured personal loan can generally be used for any personal reason.

By using a personal loan, the participant is able to avoid a 401(k) early withdrawal penalty and leave all of the money invested within the account to grow uninterrupted.

Some other aspects to consider:

•  A personal loan also puts the borrower on an amortized payback schedule that has a defined end-date. Having a defined payback period may be beneficial during debt repayment — it provides a goal, and it is clear how progress is made throughout the life of the loan.

•  Compare the set amortization of a personal loan to the revolving debt of a credit card, where it can be quite tempting to add to the balance, even as the person is attempting to pay it off in full.

When charges are added to a credit card, the end-date can be pushed out further, especially in the event that the borrower is only making minimum payments. This is not the case with a personal loan where a lump-sum loan amount is disbursed and paid back within a set timeframe. You may want to consider using a personal loan calculator to compare costs.

Recommended: How Does Debt Consolidation Work?

The Takeaway

If you withdraw funds from your 401(k) retirement plan before age 59½, you will likely be subject to a 10% early withdrawal penalty as well as taxes. You may have other options available if you need funds, however, such as taking a loan against a 401(k), withdrawing from an IRA account, or securing a personal loan. With all of the above options, it is recommended to map out the cost of each and/or work with a tax advisor or financial advisor to help identify the best course.Ultimately, it will be up to you to research the best option given your needs.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

FAQ

How much tax do I pay if I withdraw my 401(k) early?

If you withdraw funds from your 410(k) early, you will pay federal income tax on the withdrawal amount, plus a 10% early withdrawal penalty if you are under age 59½, although an exception may apply in some cases.

What proof do you need for a hardship 401(k) withdrawal?

Proof for a hardship withdrawal usually requires documentation of an immediate financial need, such as medical bills, eviction notices, or funeral expenses. IRS rules permit self-certification in some cases, but you may still be need documents and have to keep them in case you are audited..

What are options early 401(k) withdrawal?

Instead of making an early withdrawal from a 401(k), you might borrow from your (401)k, withdraw from a Roth IRA if you have one, or access a personal loan.

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SOPL-Q425-044

If you have an interest in both art and technology as well as a knack for creating distinctive visual designs, you might consider a career as a graphic designer. On average, graphic designers make $68,610 a year on average in the U.S., according to the U.S. Bureau of Labor Statistics.

How much money a graphic designer makes, however, can vary widely depending on their education, experience, job location, and industry. But with a little career savvy, you can fulfill your creative passions without having to be a starving artist.

What Are Graphic Designers?

Graphic designers create visuals to bring ideas to life. They can render their projects by hand or by using design software. Graphic designers may get paid by the hour or earn a yearly salary working for a company.

Here’s a look at some of the duties you might have as a graphic designer.

•   Designing visual marketing materials: This may include creating brand logos, websites, brochures, advertisements, packaging, and other promotional materials.

•   Targeting an audience: Graphic designers must research and understand their target audience so their product can successfully communicate a client’s message.

•   Creating and editing images: This can include both illustrations and photographs.

•   Choosing colors, layout design, and typography: A graphic designer’s mission is to deliver a product that is effective and eye-catching.

•   Staying current: Designers need to be up-to-date with the latest design software and trends.

•   Maintaining deadlines: Graphic designers often need to juggle multiple projects while meeting strict deadlines.

Working as a graphic designer is generally not a job for introverted people. While you may do a fair amount of solo design work, you’ll likely be asked to collaborate with copy editors and marketing teams, meet with clients, and present designs to co-workers and clients for feedback.

Recommended: Best Low-Stress Jobs for Introverts With Anxiety

How Much Do Starting Graphic Designers Make a Year?

While most entry-level graphic designers won’t initially get paid $100,000 a year, it is a position that requires a specific skill set, so you’re likely to earn more than the minimum wage. The average entry level graphic designer salary in the U.S. is $55,951 as of October 29, 2025, but the range typically falls between $41,500 and $65,000, according to ZipRecruiter.

💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.

What is the Average Salary for a Graphic Designer?

On average, graphic designers make anywhere from $37,600 to $103,030, with the average falling at $68,610.

How much you can earn as a graphic designer ultimately depends on how much experience you have and what particular design niche you choose. For example, a lead graphic designer makes $91,161 per year on average, according to ZipRecruiter, while a user interface (UI) designer salary averages $100,548.

While working as a graphic designer is not one of the highest-paying jobs in the U.S., people with an interest in both technology and art can find this career deeply fulfilling. The job also provides the opportunity to continually tackle new projects, keeping the work fresh and challenging.

Recommended: What Is a Good Entry-Level Salary?

What is the Average Salary for a Graphic Designer?

Geographic location can influence how much money a graphic designer can make in the U.S. Here’s a look at the average graphic designer salary by state.

Source: U.S. Bureau of Labor Statistics

Recommended: Is a $100,000 Salary Good?

Graphic Designer Job Considerations for Pay and Benefits

Within the field of graphic design, there are a number of specialty areas you might consider. Here’s a look at some of the most common types of graphic designers.

•   Web designers specialize in creating functional and visually appealing layouts, while ensuring the design elements are user-friendly.

•   User experience (UX) designers craft the user experience of mobile apps, websites, and other products.

•   User interface (UI) designers focus on the visual, interactive elements of apps, websites, and electronic devices to create aesthetically-pleasing interfaces.

•   Illustrators create visual designs for ad campaigns, magazines, books, and other media. Some may specialize in medical illustrations or children’s books.

•   Print designers come up with images and logos for brochures, business cards, and packaging materials.

•   Identity and branding designers create visual identities for companies and products.

•   Environmental graphic designers create visual designs for physical spaces, including museums, stores, and public spaces.

•   Motion graphic designers can work on animation and moving graphics for TV and movie title sequences, how-to videos, and more.

Degree requirements: To earn competitive pay, most aspiring graphic designers will need to obtain a bachelor’s degree from an accredited graphic design program. You may also need some additional technical training to meet hiring qualifications for the positions listed above.

Job benefits for a salaried graphic designer can include:

•   Health insurance

•   Dental insurance

•   Vision insurance

•   Vacation/sick leave

•   Retirement plan

💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Pros and Cons of Being a Graphic Designer

Every job has its pluses and minuses. Here a look at some of the advantages and disadvantages of being a graphic designer.

Pros of Being a Graphic Designer

•   Creative fulfillment: Graphic designers get to stretch their artistic muscles by developing captivating visuals for their clients.

•   Good work-life balance: Salaried graphic designers typically work nine-to-five hours. Many have the opportunity to work from home.

•   Freelancing options: If you get tired of working in the same place with the same people, you can choose to freelance. Graphic design is a job you can do almost anywhere at any time.

•   Being part of a team: You’ll likely collaborate with design teams, clients, and marketing professionals.

•   Career longevity: As long as you stay current and on top of your game, you can work as a graphic designer at any age. You could even potentially pick up freelance work as a retiree.

Cons of Being a Graphic Designer

•   Sedentary lifestyle: Being a graphic designer doesn’t require the physical demands of a trade job. You’ll spend a lot of time behind a computer monitor.

•   Solitary work stints: While it’s true you’ll have chances to work with a creative team, much of your hour-to-hour creating happens alone.

•   Stressful deadlines: Even though office hours are typically nine to five, advertising campaigns and projects have hard deadlines you’ll be expected to meet.

•   Difficult clients: Clients may be critical of what you come up with, or they may constantly change their minds.

•   Limited advancement opportunities: Graphic designers tend to stay in their lane. However, you could be moved into a managerial position, and there is still the potential for pay raises every year.

The Takeaway

If you crave expressing yourself as a visual artist, working as a graphic designer can pay you an average of $68,610 a year for doing what you love.

Being a graphic designer also allows you to work in an energetic, collaborative atmosphere, while reaping creative and financial rewards.

Whatever career path you ultimately choose, you’ll want to make sure your potential earnings can cover your everyday living expenses. Try creating a budget and check out financial tools that can help track your spending.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

FAQ

Can you make $100k a year as a graphic designer?

The average salary for a general graphic designer is $68,610 in the U.S. While it’s not impossible to make $100,000, you would have to be at the top of your skill set and acquire some specialized experience.

Do people like being a graphic designer?

For many people, graphic design is a stimulating and rewarding career. Individuals who enjoy working on innovative, visual projects and collaborating with creative teams will probably like being a graphic designer.

Is it hard to get hired as a graphic designer?

Landing a job as a general graphic designer can be competitive. You may find it easier to get hired if you have a particular design specialty, such as UX (user experience), UI (user interface), or product design.

Photo credit: iStock/Moyo Studio

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SORL-Q425-043

Gearing up for a Master of Business Administration program involves a lot of prep, especially when it comes to taking the GMAT™ — the Graduate Management Admission Test. It’s a standardized test that assesses potential business school students.

The GMAT was created by the Graduate Management Admission Council (GMAC) and is now the most widely used assessment for graduate management admissions.

It’s available in approximately 114 countries, used by more than 2,400 universities and institutions worldwide, and was taken by more than 78,000 students in 2024.

The exam is important for prospective MBA students because it may carry a lot of weight in the application, with some experts estimating it accounts for up to 22% of admissions decisions.

Because of this, getting prepared for the GMAT is crucial to getting into an MBA program.

Important Facts About the GMAT

There are three sections in the GMAT: quantitative reasoning, verbal reasoning, and data insights. These sections consist of content relevant to today’s business opportunities and challenges.

The total score a student can receive for this exam will fall somewhere between 205 and 805, and it’s based on their performance on all three sections of the exam. Scores for each section are between 60 and 90, and each section is weighted equally.

The quantitative reasoning section measures mathematical ability, including algebra and arithmetic. There are 21 questions, and the answers to them rely on analysis and logic.

The verbal reasoning measures a student’s ability to read and comprehend material and to make and evaluate arguments. There are 23 questions in this section consisting of reading comprehension and critical reasoning.

The data insights section is new, and it measures student’s ability to interpret and analyze data and apply it to business scenarios. This section also measures digital and data literacy. There are 20 questions that may require math, verbal reasoning, data analysis, or all three of these skills.

Students’ unofficial scores will be displayed on-screen immediately after they finish the exam. They are not allowed to record or save their unofficial scores. An email with their official score will be sent to them.

A student’s GMAT score helps business schools evaluate how prepared they are for the rigors of MBA coursework. There is no set score that students must achieve to be accepted into a program, but students can figure out an estimate of how well they need to do by researching the average score accepted students got on their GMAT exam.

This can give prospective students a good idea of what score they should aim to receive to be considered for acceptance to a particular program.

Making a Study Plan

Making a GMAT study plan depends on when applications are due, which will differ by school.

It’s recommended that students take the exam at least three to four months before their application deadline. This will give students enough time to retake the test if necessary. The test can be taken up to five times within 12 months. There is now no limit on how many times a student can take the GMAT.

Once students know their application deadline, they can make a plan for when they want to take the exam. Exams are available year-round, and students can register to take it online at mba.com.

Each student will have to determine how much preparation is right for them, but usually, it’s recommended to spend three to six months preparing for the GMAT.

According to GMAC, the makers of the exam, the majority of test takers prep for at least 60 hours. Those who did so, scored 500 or higher on the test.

Studying more isn’t a guarantee of a high score, but it seems to help a majority of students find success. With this information, students can create a study plan that suits them and their timeline best.

Recommended: The Ultimate Guide to Studying in College

Study Tips for the GMAT

With 60 or more hours of preparation recommended, how can students best spend those hours?

Here are some tips on how to study for the GMAT that may help students make the best of their prep time.

Taking Practice Exams

Familiarity with the format of the test means there are few surprises. Students will be familiar with each section of the test, the order of the sections, and how the instructions are worded.

Studying the content is important, but so is knowing what to expect when test day comes.

The most effective way to use practice tests is to take one first and use it as a baseline so it’s easy to see where improvements need to be made and how much progress is being made after each consecutive practice test.

The GMAT takes two hours and 15 minutes. Each section is 45 minutes each, and there is one optional 10-minute break.

Taking practice exams is also a good way for students to learn how to pace themselves through each section of the test.

Recommended strategies are keeping a consistent pace throughout the entire exam, keeping in mind how many questions are in each section, and estimating how much time is allotted for each question.

•   The quantitative reasoning section includes 21 questions over 45 minutes.

•   The verbal reasoning section gives test takers 45 minutes for 23 questions.

•   The data reasoning section has 20 questions to be answered over 45 minutes.

Students may choose to use official GMAT exam prep packages, which vary in cost (one is free).

Hundreds of quantitative and verbal reasoning questions, as well as data reasoning questions can be accessed through these official packages.

Students can also purchase unofficial GMAT practice tests if they need more resources.

Tutoring and Peer Study Groups

For students who want extra help preparing for the GMAT, getting a private tutor, taking a prep course, or finding a study group may be options to consider.

A benefit to these strategies is the addition of regular feedback and accountability, which can help students stick to their GMAT study plan.

For students with a tighter budget, finding a GMAT support group and free practice exams may be more affordable routes.

Staying Healthy

Performing well during a stressful examination can be made easier by maintaining good physical and mental health. It’s recommended that students get plenty of rest in the days before the exam, as well as keep up a healthy diet.

Both rest and nutrition can impact physical wellbeing. Going into the GMAT in good physical condition can help students reduce stress and build confidence.

During practice tests, students can practice stress management techniques, which may make it easier to use them during the official test.

Test-taking anxiety is a common phenomenon, and each student may want to learn which coping techniques work best for them.

What About Finances?

Students who are considering an MBA program may be shocked when they see the high cost of tuition. According to the Education Data Initiative, the average cost of an MBA program is $62,820. However, this can range from $44,640 to over $71,000 depending on the school.

Options for decreasing the cost of earning an MBA may be getting a master’s degree online or getting financial aid to help cover the cost.

There are a few options when it comes to paying for graduate school.

Apply for Federal Financial Aid

Filling out the Free Application for Federal Student Aid (FAFSA®) as a graduate student means the aid is given based on the student’s income, not their parents’. This could help students receive more federal aid than they did as undergraduates.

After submitting the FAFSA, students will receive a FAFSA submission summary, which provides information about their federal student aid eligibility.

The schools to which a student has applied and been accepted will send a financial aid package offer letter, and the student can decide whether to accept or decline the offer.

Federal student financial aid can come in the form of work-study, grants, or loans. Grants usually don’t need to be repaid, but loans do. Graduate students are not eligible for subsidized student loans, only unsubsidized, so interest will start accruing as soon as the loan is disbursed.

Recommended: Private Student Loans vs Federal Student Loans

Work a Part- or Full-time Job

Another option may be working while getting an MBA, with some employers helping to pay for tuition. There are more part-time and online MBA options than there used to be, making it easier for students to work while finishing school.

Apply for Scholarships

Students can also apply for scholarships through the school they are attending, as well as from private or professional organizations. Scholarships usually vary in their eligibility requirements, and it’s recommended that students seek out and apply for all they may be eligible for.

Use Private Student Loans

Another option for funding an MBA program may be private student loans. Private student loans do not come with the same benefits and protections that federal loans do, like income-driven repayment plans and student loan forgiveness. The interest rates and repayment options vary by lender, so students are encouraged to do their research carefully before considering this option.

It’s also possible to refinance student loans in the future. With refinancing, borrowers exchange their loans for a new private loan, ideally one with a lower interest rate if they qualify. That could help save them money.

Keep in mind, though, that refinancing federal student loans means you’ll no longer be eligible for federal benefits, including income-driven repayment plans and student loan forgiveness. If you’re currently using or plan on using federal benefits, it’s not recommended to refinance your federal student loans.

The Takeaway

Taking the GMAT requires months of study and prep work. Learning about the structure of the exam and familiarizing oneself with the kinds of questions asked is key. Students can take practice exams and join study or tutoring groups to prepare.

Another important issue to consider is how to afford an MBA program. Students can apply for financial aid, work full- or part-time, or take out and/or refinance student loans.
Figuring out how to prepare for and pay for graduate school can feel overwhelming, but fortunately, help is available for both.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

FAQ

How long should I study for the GMAT?

It is recommended to study for three to six months for the GMAT. According to GMAC, the makers of the exam, students who studied for at least 60 hours scored 500 or higher on the exam. Creating a study plan and taking practice tests can help you prepare.

Is 600 a good GMAT score?

Yes, 600 is typically considered a pretty good GMAT score. The average score for all GMAT test takers is about 555. For the top 10 business schools, average scores range from 645 to 695; for the top 20 schools, scores range from 615 to 695.

When should I retake the GMAT?

You might consider retaking the GMAT if your score was below the average score of the schools you’d like to get into. You might also want to retake the test if your score was well below what you scored on practice tests. However, you must wait at least 16 days before retaking the GMAT.

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