Should You Dip Into Your Retirement Savings During the Pandemic?

In the midst of a global pandemic, your social media feeds have likely been swarmed with bad news. However, there have been some glimmers of hopes during this period of uncertainty.

For instance, the CARES Act is making it easier for Americans to tap into retirement accounts during the pandemic, but experts say there’s plenty of things to consider with the new provisions.

“This is something that cannot be taken lightly,” Larry Sprung, president and lead wealth manager at Mitlin Financial said.

If you’re wondering whether you should tap into your retirement savings, the answer depends on your personal financial situation. Sprung said it’s important to get advice that will assist you now while having the least impact on your current and future financial situation. Other options, like a 0% intro APR credit card or an emergency fund in a high-yield savings account, could be better solutions depending on your circumstances.

Continue Reading on

Articles linked to on this page are from third party sources. Opinions expressed by the authors may not be representative of CWM, LLC or its affiliates.

Get in Touch

In just minutes we can get to know your situation, then connect you with an advisor committed to helping you pursue true wealth.

Contact Us

Stay Connected

Business professional using his tablet to check his financial numbers

401(k) Calculator

Determine how your retirement account compares to what you may need in retirement.

Get Started