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Heres whyyou may want to think twice before making a withdrawal from your long-term savings.
However, an emergency withdrawal from your retirement savings can have several downsides and long-term impacts.
Its important to keep these downsides in mind before taking out any funds.
Reduced funds may result in having to work longer to compensate for the shortfall, Yu said.
One is to seek out an interest-free financing option.
Another option is to use a credit card with a 0% intro APR.
In addition to these regular contributions, Yu recommended increasing your contributions when your budget allows.
This could be when you receive apromotion or bonus.
She also recommended catch-up contributions.
If youre eligible, make catch-up contributions allowed for those over 50, Yu said.
She also recommended looking for ways to find extra money to set aside in your retirement account.
It is worthwhile cutting back on discretionary spending while you build this fund and treat it as your No.
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