The CARES Act Allows You to Tap Retirement Savings—But Should You?

The American College of Financial Services
May 1, 2020

As people across the country continue to take advantage of the CARES Act and use retirement funds to make up for cash shortfalls during the COVID-19 pandemic, financial advisors are still counseling caution.

Steve Parrish, co-director of the New York Life Center for Retirement Income, says while it’s entirely possible for clients to pay back the money they take out of their 401(k)s and other assets, every bit withdrawn is that much lost opportunity for the future.

Read the alternative strategies he suggests in Bankrate.

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