Advisors Warn Against Dipping Into 401(k)s

The American College of Financial Services
March 27, 2020

As the federal government looks to throw those facing financial woes from the coronavirus crisis a lifeline, financial advisors are warning everyday Americans not to be too quick to jump on board.

Specifically, Retirement Income Center co-director Steve Parrish is cautioning those saving for retirement about using their 401(k)s and other accounts to pay for short-term expenses. Even though lawmakers have waived the penalties, Parrish says doing this could mean disaster for future plans.

For more, read this article from InvestmentNews.

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