Ideally, retirement funds should be left alone until needed for their intended purpose, but in times of financial crisis it may be tempting to tap them for other pressing needsBy LIZ WESTON of NerdWalletApril 13, 2020, 10:54 AM5 min read In an ideal world, your retirement accounts would be left alone for retirement. You’ve probably noticed that we’re not living in an ideal world. Early withdrawals can have serious repercussions, including big tax bills today and potential shortfalls in the future. Please look for other solutions first. You might: — Halt ongoing retirement contributions to free up cash. — Trim expenses. — Tap other savings and nonretirement investment accounts. — Sell unneeded possessions. — Ask lenders for concessions on debt payments. — Seek government or charitable help if you can’t pay your bills. If you must raid your retirement funds, there may be ways to reduce the financial impact. If you’re unlikely to pay the money back, your best option may be to take money from a Roth IRA. If you can pay it back, using the new “coronavirus hardship withdrawal” contained in the Coronavirus Aid, Relief, and Economic Security Act may be your best bet. Here are more details

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