With unemployment levels at a record high and millions of people across America feeling the financial burden of the coronavirus pandemic, it may be tempting to dip into your 401(k) account for immediate help. Jarvis shared three reasons why taking money out of your 401(k) is not the best financial option
With unemployment levels at a record high and millions of people across America feeling the financial burden of the coronavirus pandemic, it may be tempting to dip into your 401 account for immediate help."These are excruciatingly difficult decisions to be made but dipping into your 401 early is your absolute last resort," ABC News chief business, technology and economic correspondent Rebecca Jarvis explained Thursday on"Good Morning America.
2. You will be selling on the lows."In addition to that, because the market has sold off, you would be selling on the lows. You’re not going to make any kind of upside as a result of withdrawing that money." Other ways to get financial helpIf you are struggling right now, there are other options available to help your financial situation, according to Jarvis.
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