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Don’t Torpedo your Retirement Plan Now
As part of the recently passed CARES Act, which provides financial relief curing the coronavirus pandemic, a change was made to temporarily suspend the penalty for early withdrawals from tax-advantaged savings (such as IRAs and 401(k)s). While that could be a good thing if you need to access your retirement savings to make ends meet during this pandemic, you should consider that doing so might actually torpedo your future retirement. With the financial markets decimated and in turmoil, taking money from those accounts now will essentially lock in your losses, from which you may never recover. This Motley Fool article by Maurie Backman explains.
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