The
CARE Act allows you to withdraw up to $100,000 from your retirement
funds without any penalty. This includes the 401(k) retirement accounts
also. The government has given you this option to help you cover your
expenses. But, don't go overboard and withdraw a lot of money from your
retirement savings accounts. And yes, you can stop making payments to
your retirement savings accounts for the time-being and use it to boost
your emergency fund.
If you
are asking about whether or not to continue making payments to your
retirement fund, then I would say, do not stop if you can continue with
the payments. It will ultimately come to your financial benefit in the
future.
So, if you can manage making the payments by changing your lifestyle, do
it!
In case, you do not have a good amount in the bank for now due to the
coronavirus outbreak then you can stop funding your 401(k) or IRA for
the time being.
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Sub: #1 posted on Mon, 04/20/2020 - 02:22
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Sub: #2 posted on Fri, 04/24/2020 - 04:36
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So, if you can manage making the payments by changing your lifestyle, do it!
Sub: #3 posted on Fri, 04/24/2020 - 06:27
Industry Expert
(Posts: 2827 | Credits: )
In case, you do not have a good amount in the bank for now due to the coronavirus outbreak then you can stop funding your 401(k) or IRA for the time being.
Sub: #4 posted on Thu, 04/30/2020 - 08:51
(Posts: 250 | Credits: )