Retired in America

Your Guide to a Confident Retirement

  • Home
  • Personal finance
  • Retirement Life
  • Saving & Spending

12 Smarter Options You Should Try Before Raiding Your Retirement Funds

May 29, 2020 · Retirement Life

No one likes to dip into long term savings, but the financial prospects for many families are turning bleaker and bleaker by the day because of the coronavirus pandemic.

To get through the financial crisis, it might be tempting to turn to the largest available piggy bank, which for many people is their 401(k) plan. “Many people found themselves in this current crisis having no job, but some assets locked into a long-term retirement plan,” said Dave Stinnett, principal, head of the strategic retirement consulting group for Vanguard. You could easily do it, no early withdrawal penalties either. But is it really the best thing to do for your future?

If you really want to overcome the financial hardships the pandemic has thrown at you, consider some of these alternatives before you decide to tap into your 401(k) plan earlier than planned.

Pages: 1 2 3 4 5 6 7 8 9 10 11 12 13

Share this article

Facebook Twitter Pinterest LinkedIn Email

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

Latest Posts

  • Smiling older park guide handing a trail map to someone against a sunny mountain lake backdrop. 8 Charming Resort Towns Perfect for Retirees Who Enjoy Seasonal Work
  • An older couple stands inside a modern living room looking out a large sliding glass door toward a sunny desert neighborhood. 10 Biggest Reasons So Many Retirees Say They Regret Moving to Arizona
  • Senior man sitting in a wooden armchair on a stone patio holding a mug, overlooking a desert landscape with mountains. 10 Underrated Southwest Towns Where You Can Retire on $1,500 or Less a Month
  • Older couple standing on a screened patio looking at a lake under storm clouds, with bills on a table in front. 8 Reasons You Don’t Want to Retire in Florida, According to Floridians
  • Older man writing with a pencil and woman reviewing an IRS Schedule A tax form at a wooden table with a calculator. What the 2026 Senior Tax Deduction Means for Retirees
  • A man sits at a wooden table in a sunlit kitchen, looking down intently at a financial document. Who Benefits From Trump’s 401(k) Plan (and Who Won’t)
  • A senior man sitting at a wooden table examines an investment portfolio document next to a notebook and coffee mug. 4 Boring Moves To Do Now to Add Hundreds to Your Social Security Check
  • A senior woman sits at a wooden table holding a mug and gazing out a bay window beside a newspaper and open notebook. 9 Things Single or Widowed Retirees Should Know
  • Senior couple sitting at a wooden kitchen table reviewing paperwork and financial notes with a calculator and coffee. 10 Financial Traps That Catch Retirees Off Guard
  • A smiling senior woman reaches into a wooden pull-out drawer filled with labeled food jars in a sunlit kitchen. 15 Simple Fixes for Everyday Senior Life

Newsletter

Get retirement planning tips, savings strategies, and lifestyle insights delivered to your inbox.

Related Articles

7 Most Important Non-Financial Assets for a Fulfilled Retirement

As you approach retirement, you’ll want to make sure everything is in order with your…

Read More →

10 States to Retire For Less Than 45K a Year

If you’re considering relocating somewhere else that’s more affordable during your golden years, you’re not…

Read More →

30 Dangerous Things to Your Retirement

Even when you make plans, saving for retirement can be hard. Not always. Manage people…

Read More →

10 Do’s and Don’ts You Have to Consider Before Moving During Retirement

If when you think about moving during retirement all sorts of financial alarm bells start…

Read More →

11 Online Courses For Seniors That Won’t Cost You A Dime

Did you recently retired and have trouble adjusting to so much free time? Have you…

Read More →
A candid photo of a grandmother and grandson laughing while playing at a kitchen island in a busy, warm family home.

The Rise of Multi-Generational Living: Why Retirees Are Moving in with Family

Discover why more retirees are choosing multi-generational living to share financial burdens, combat isolation, and…

Read More →
An older couple stands inside a modern living room looking out a large sliding glass door toward a sunny desert neighborhood.

10 Biggest Reasons So Many Retirees Say They Regret Moving to Arizona

Learn why so many retirees regret moving to Arizona, including brutal summer heat waves, physician…

Read More →

A 20-Step Guide to a Horrible Retirement

Retirement is an important milestone. And the closer you get to that moment, the more…

Read More →
A retired couple stands amidst moving boxes in their living room, bathed in warm afternoon sunlight during their relocation process.

8 Common Relocation Mistakes Retirees Tend to Make

Discover the most common relocation mistakes retirees make, from overlooking hidden taxes and healthcare gaps…

Read More →
Retired in America

Your Guide to a Confident Retirement

Inedit Agency S.R.L.
Bucharest, Romania

contact@retiredinamerica.com

Trust & Legal

About Us

Editorial Policy

Advertiser Disclosure

Frequently Asked Questions

Contact Us

Disclaimer

Terms and Conditions

Privacy Policy

Subscribe

Unsubscribe

Categories

  • Personal finance
  • Retirement Life
  • Saving & Spending

© 2026 Retired in America. All rights reserved.