Don't Raid Your Retirement Savings to Cover Coronavirus Costs -- Do This Instead

The Coronavirus Aid, Relief and Economic Security Act (CARES Act) enables you to make penalty-free withdrawals of up to $100,000 from your retirement accounts or to borrow up to $100,000 or 100% of the vested balance of your 401(k).

While the Act has made it easier to access money you've invested for the future, that doesn't mean it's a good idea to do so. 

In fact, raiding these accounts can have long-term financial consequences you likely want to avoid. Instead of taking money out, there are some other steps you should take instead. 

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Source Fool.com