early retirement withdrawal covidAnchiy/E+/Getty

 

About half of Americans have taken or plan to take an early withdrawal from a retirement account during the pandemic, according to one survey.
Even if your retirement account is your best option for quick cash right now, tread lightly, says a financial planner.
If you don’t make a plan to replenish your account, it could be damaging to your retirement.
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If you had to pull cash from a retirement account lately, you’re not alone. 

The coronavirus pandemic has caused more than 40 million Americans to file for unemployment insurance so far. Small businesses have shuttered and pay cuts have become commonplace. These are dire financial straits.See the rest of the story at Business Insider

NOW WATCH: Tax Day is now July 15 — this is what it’s like to do your own taxes for the very first time

See Also:

A traditional IRA is a tax-advantaged account that can help you save thousands for retirementMark Cuban and a bank CEO who first connected over Twitter built a free site to make it easier to apply for PPP loan forgivenessYou can file for a tax extension that pushes your deadline to October, but tax payments are due on July 15

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