CFP's advice for early retirement account withdrawal during COVID-19 - Business Insider

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Even if your retirement account is your best option for quick cash right now, tread lightly, says a financial planner.If you had to pull cash from a retirement account lately, you're not alone. so far. Small businesses have shuttered and pay cuts have become commonplace. These are dire financial straits.of around 1,200 Americans with retirement savings conducted by Magnify Money, 30% of the respondents took a withdrawal from a retirement account in March or April.

, a Philadelphia-based wealth management firm, says he hasn't seen many clients go for their retirement accounts during the pandemic, even those who have lost employment. But that may be due to the nature of his sample.will understand the effectiveness of the three-bucket system: one for short-term expenses, a second for mid-term goals, and a third for retirement.

I never recommend taking money from a retirement account but if you must, try to first draw from your Roth IRA. This account has no penalty as long as you only withdrawal the principle. Learn more with

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