I've been considering drawing from my retirement savings. This isn't directly because of COVID, not really anyway. Thankfully, I never lost my job or anything. But thing's have been tight lately and I'd like to eliminate debt to free up more of my income.
I'm currently 28 and I've never had any debt until a couple years ago. Always kept my credit cards at a low balance and only a little over a year ago took a loan out on a car after my old one kicked the bucket. After some unfortunate life events a couple of years ago, I built up a few thousand in debt.
I'd like to withdraw only a few thousand. This amount would be made again pretty easily and I could start to supplement my personal savings with the extra cash not being paid each month. I believe the IRS could possibly tax my withdraw 10%?? How would the CARES Act effect a withdraw during these times? What else should be considered before going through with this?
Submitted August 26, 2020 at 10:20PM by daause https://ift.tt/3aZeKt6
