John Knisley | Source | Financial Planner at Tompkins Financial Advisors
John Knisley
Financial Planner at Tompkins Financial Advisors
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3 Bad Reasons To Take Money Out Of Your Retirement Savings
The CARES Act makes it easier to take a premature withdrawal from your 401(k) or IRA. Make sure your “hardship” really is a hardship today or else you’ll end up with a real hardship tomorrow when you have fewer options available.
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A bad reason to take money out early is for non-essential expenses or the ‘wants'. These types of expenses should be eliminated in times of financial hardships. Taking from your retirement savings early on will only limit your retirement savings later on.
