Experts say it's an option of last resort and should be done with great caution.
"It's been so good, it's almost depleted," President Trump said Wednesday.. A recent federal relief package makes it easier for people financially harmed by the coronavirus outbreak to tap into their retirement savings for cash by loosening rules for withdrawals and loans.Experts say it's an option of last resort and should be done with great caution.
While retirement savings plans are not required to increase these limits, the legislation provides them the flexibility to do so. “ is truly, truly the alternative of last resort. That is where we go last,” said Evelyn Zohlen, chair of the Financial Planners Association. “That is sacrificing your future financial security for your current financial security.”
If your situation is temporary, consider using a credit card with no balance to pay for essentials. Do this only if you can pay the balance within the month. A personal loan or a home equity loan is another option, only if your situation is temporary and the rates are favorable.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hit by the virus and weighing a raid on your 401(k)? BewareA recent federal relief package makes it easier for Americans struggling financially due to the coronavirus to tap into their retirement savings. Experts say people should proceed with caution.
Read more »
Coronavirus updates: 17 bodies found at New Jersey nursing home hit by virusCORONAVIRUS LATEST: — Japan declares nationwide state of emergency. — 17 bodies found at New Jersey nursing home hit by virus. — 5.2 million more Americans file for unemployment.
Read more »
Hollywood Reporter Hit With Heavy Hitter Layoffs From Valence MediaOne day after Valence Media purged staffers at The Hollywood Reporter, Billboard, Vibe, dick clark productions and Knives Out producers Media Rights Capital, the axe came down hard this afternoon o…
Read more »
WPP, Omnicom, and MDC Partners hit by furloughs and layoffs - Business InsiderCPB, Grey, and DDB were among the agencies that started to be impacted by the economic affects of the coronavirus.
Read more »
Cellphone tracking reveals coronavirus hit to U.S. economyThe millions of bits of cellphone data tracked by analytics firm Unacast show the economic impact of the coronavirus spreading across the United States like a deep freeze - long-distance travel was hit early on, but eventually overall retail foot traffic slowed to a crawl, too.
Read more »