3 Places to Borrow Money From Besides Your Retirement Account
The CARES Act, passed by the federal government in response to the pandemic, offers several forms of financial assistance to those hit hard by COVID-19. Many Americans can now look forward to stimulus checks and an extra $600 per week in unemployment benefits to help them through these tough times. The new law also enables individuals under 59 1/2 to take penalty-free withdrawals from their retirement accounts and to take retirement account loans that they can pay back over three years without the money being considered a distribution.
Withdrawing funds from your retirement account is certainly better than losing your home or car due to COVID-19, but it's not the best choice for your long-term security. Saving for retirement is tough at the best of times, and withdrawing funds from your retirement account now will only make that more challenging. Here are a few other places you should try to borrow money from before tapping your retirement savings.
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Source Fool.com
