Coronavirus Cash: 13 Ways to Tap Your Money If You Need It
With the number of COVID-19 cases trending upward, worries are returning that we'll still be wrestling with the coronavirus pandemic for quite some time to come. Unfortunately, that translates to not only continued health worries, but also to extended concerns about how secure our economic futures are as well.
With first-time unemployment claims still topping 1 million per week and the unemployment rate above 13%, there's a real risk of needing to tap your savings to cover your costs because of unemployment. If you need to turn your savings into cash because of the coronavirus pandemic, we'll look at 13 ways to do that. They're generally in order of least to most ugly, though deeper in the list, you can make a case for considering a different order if your circumstances warrant.
Note that if you're already of a traditional retirement age -- which can be as early as the year you reach 55 for some employer-sponsored plans -- the rules change. In those cases, it could potentially make more sense to start tapping your retirement accounts for money you may need in the short term, even if you plan to return to work once you're able to.
Source Fool.com
