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Your email address will not be published.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

  • A senior man sits at a wooden table reviewing a Social Security Administration statement with a pen and notebook. Why So Few Retirees Qualify for Social Security’s Biggest Possible Monthly Check
  • A woman reviews a retirement planning calendar and binder at a sunlit wooden table near a window. Key Retirement Milestone Ages Most People Miss
  • Mature couple sitting at a wooden kitchen table reviewing a calendar and open notebook with a cup of coffee. The Average Social Security Check by Age
  • 8 Medicare Billing Errors Worth Appealing 8 Medicare Billing Errors Worth Appealing
  • An older couple reviews Medicare paperwork at their kitchen table in warm morning light. 9 Medicare Rules Around Second Opinions
  • An older woman looks over healthcare paperwork at her kitchen table under warm light, looking concerned. 7 Signs Your Medicare Advantage Plan Restricts Specialist Access
  • An older woman practices balance therapy with a physical therapist in a bright, sunlit rehabilitation room. 8 Medicare Rules for Skilled Nursing Facility Stays
  • An older couple sitting at a wooden kitchen table reviewing Medicare booklets together in warm morning light. 9 Signs You Should Compare Medicare Plans This Fall
  • An older couple in their home kitchen reviewing Medicare documents next to a CPAP medical device on the table. 7 Medicare Coverage Rules for Durable Medical Equipment
  • An older man at a wooden kitchen table reviews a long pharmacy receipt next to a prescription bottle in warm morning light. 8 Signs Your Medicare Plan's Drug Formulary Has Changed

Newsletter

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

Related Articles

An older couple in their home kitchen reviewing Medicare documents next to a CPAP medical device on the table.

7 Medicare Coverage Rules for Durable Medical Equipment

Understand the 7 key Medicare coverage rules for durable medical equipment, from 2026 Part B…

Read More →

9 Easy Ways to Gradually Transition into Retirement

A man works on his laptop from a sunny porch, enjoying a flexible transition into…

Read More →
A retired couple sits outside their motorhome at sunrise overlooking a vast desert canyon.

10 Reasons Retirees Are Choosing RV Life Over Traditional Homes

Discover why nomadic retirees are trading traditional houses for the RV retirement life, lowering living…

Read More →

Be Careful! 5 Dangerous Scams Targeting Retirees

Regardless of age, everyone might become a target for con artists. In 2018, the Federal…

Read More →

Best Multivitamins For Over 50s

The more we age, the more our bodies’ needs are changing, so do our nutrient…

Read More →

Find Out if You Can Still Work Through Retirement in the USA

Every single senior’s retirement journey is different. Some work past their retirement age because they…

Read More →

10 Hidden Drawbacks of 401(k)s That Will Leave You Speechless

401(k) plans are the most popular types of employer-sponsored retirement programs, providing a whole host…

Read More →

10 Sunny Places to Retire To

Deciding to retire in a warm, and sunny place isn’t for everyone. Even so, there…

Read More →
A retired couple standing on a sunny balcony in Europe overlooking a coastal town at sunset.

10 Things to Know About Retiring Abroad

Learn the 10 critical financial, healthcare, and lifestyle factors you must evaluate before relocating for…

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.