46% of millennials say they're still recovering financially from the Great Recession (via CNBCMakeIt)
. Are you reacting emotionally? If so, it might be time to reconsider. "Rarely is it a good idea to take money out of your retirement accounts, and many people do have other means of getting through a financially tough time," Roberge says.
So before you take money from retirement accounts, ask yourself: Have you pared down your budget to just the essentials? Are you stripping out everything but needs-based spending? "If the answer is no, then that's your first course of action...dipping into retirement savings," Roberge says. "Cutting your spending isn't fun, but it also doesn't need to be forever.
When it comes to 401s, every plan has its own rules and policies in terms of paying back the money, whether you took it as a loan or a withdrawal, says, a New York City-based CFP and co-CEO at 2050 Wealth Partners. It's extremely important that you work closely with your HR manager or your plan administrator to get clarity on what your options are to repay those funds, she says.
With a 401 loan, there may already be a process in place to make automatic repayments right from your paycheck. But if you take a coronavirus-related withdrawal or a hardship withdrawal from your retirement accounts, you'll need to keep track of repaying it on your own. If that's the case, it may make sense to reach out to your HR manager or 401 plan provider to set up automatic monthly contributions.And stay on top of the tax issues around 401 loans and withdrawals.
Looking ahead, this is a good time to reset and reassess what your priorities are for the future. And understand that having emergency savings needs to be a part of the plan going forward, so start to take steps today to build up that cushion, Rainey Braxton says. "Savings are what you need to survive situations such as this."
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