Avoid Withdrawing Money from Retirement Accounts
If retirement is just around the corner, hold off from withdrawing money from your retirement accounts, especially in the case of a recession.
“Don’t withdraw from your retirement plan early — even though the CARES Act now allows it,” said Kelly Crane, CFP, president and chief investment officer at Napa Valley Wealth Management. “Taking distributions now will lock in losses, reduce your principal and make it difficult to achieve a sustained lifetime withdrawal.”
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