Hit by the virus and weighing a raid on your 401(k)? Beware

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Hit by the virus and weighing a raid on your 401(k)? Beware
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Experts say it's an option of last resort and should be done with great caution.

"It's been so good, it's almost depleted," President Trump said Wednesday.. A recent federal relief package makes it easier for people financially harmed by the coronavirus outbreak to tap into their retirement savings for cash by loosening rules for withdrawals and loans.Experts say it's an option of last resort and should be done with great caution.

While retirement savings plans are not required to increase these limits, the legislation provides them the flexibility to do so. “ is truly, truly the alternative of last resort. That is where we go last,” said Evelyn Zohlen, chair of the Financial Planners Association. “That is sacrificing your future financial security for your current financial security.”

If your situation is temporary, consider using a credit card with no balance to pay for essentials. Do this only if you can pay the balance within the month. A personal loan or a home equity loan is another option, only if your situation is temporary and the rates are favorable.

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