Since there's no requirement to replace the money withdrawn from a retirement account like there would be with a retirement plan loan, it's easy to put off
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Even if your retirement account is your best option for quick cash right now, tread lightly, says a financial planner.If you had to pull cash from a retirement account lately, you're not alone. so far. Small businesses have shuttered and pay cuts have become commonplace. These are dire financial straits.of around 1,200 Americans with retirement savings conducted by Magnify Money, 30% of the respondents took a withdrawal from a retirement account in March or April.
The no-penalty allowance applies to "coronavirus-related distributions" — i.e. people who are diagnosed with COVID-19 or have experienced financial hardship from quarantine, layoffs, reduced hours, or furlough up to December 31, 2020.early. Even if there's no penalty charge, an early withdrawal reduces your balance and diminishes future earning potential.
"If I'm personally talking to a client and if the decision was they need money and they need to pull from a retirement account or load up a credit card, I'm going to go with the first option," Van Sant says. "But, I'm going to remind them that once the dust settles, we have to come up with a plan to start replenishing."
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