What to Know Before You “Break the Glass” on Your 401(k)

The American College of Financial Services
CNN Business
April 8, 2020

With the economic strain of the COVID-19 pandemic and millions of Americans feeling the squeeze on their wallets, many are taking advantage of the CARES Act and other recent relief measures that allow them to use money from their 401(k) and other retirement accounts penalty-free. But while this may work in the short term, experts say it could lead to financial troubles later in life.

Retirement Income Center co-director Steve Parrish says people should in general look elsewhere before raiding their retirement accounts for cash. However, other recent moves like easing required minimum distributions could be helpful for those at or near retirement.

Read more of Parrish’s thoughts in this piece from CNN Business.

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