When faced with an unexpected major expense,you should consider withdrawing money from your retirement plan.

Question

Quizplus · Accepted Answer

Withdrawing money from a retirement plan should be a last resort option as it can have negative consequences. It can trigger taxes and penalties, reduce the amount of money in the retirement account, and potentially impact future retirement income. It is recommended to first explore other options such as creating a budget, cutting expenses, seeking financial assistance, or taking out a loan before withdrawing from a retirement plan.

When Faced with an Unexpected Major Expense,you Should Consider Withdrawing