Articles Tagged ‘emergency fund’
Tapping Your Retirement Funds for an Emergency
Monday, June 27th, 2011
As any financial advisor will tell you, it’s important to have some savings set aside just for emergencies. But what if an emergency happens before you’re able to get adequate savings together? Or what if you have an emergency fund, but your emergency turns out to be bigger than your fund is?
If you have a retirement fund, you can withdraw money from it. But this should only be done in the event of a true emergency, because it depletes your retirement savings and may expose you to tax penalties. Still, it’s good to know that those funds are available...