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Going to withdraw or borrow money from your retirement savings? Use caution.
You’ve been working hard to build up your nest egg for a future retirement, but then some hardship or crisis comes along that you need cash to resolve. Think long and hard about how you get that money, and how taking it the wrong way from your retirement savings can not only expose you to a tax hit, but also mean that you’ll probably never get to replace what you take out. This of course will impact the compounded growth of your savings. This CBS MoneyWatch article by Steve Vernon talks about the potential pitfalls of withdrawing or borrowing money from your retirement savings. Click here to read more.
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