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.

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