Don’t Raid Your Retirement Money

 

Saving for retirement is something that most people are aware they need to do.  However, many find it difficult just to make ends meet, let alone put away money for the future.  Some people have found themselves in circumstances where they needed to use the money they had saved for retirement to pay for expenses.

 

However, doing so can lead to more problems than it solves.  People should be aware of the difficulties that can arise from borrowing and withdrawing early from retirement accounts and how bankruptcy might be a better option for those struggling financially.

 

One study has revealed that one in four workers have raided retirement savings to pay their bills.  While borrowing from retirement accounts avoids having to pay taxes on the money initially, if people cannot repay the money, they will have to pay taxes and penalties on it later.

 

Once a person removes money from a retirement account and puts it into a normal bank account, the funds are no longer protected from creditors like they were when they were in the retirement account.

 

Those who feel overwhelmed by debt may find filing bankruptcy is a better option than using retirement savings on debts.  Individuals who file for bankruptcy can, in most circumstances, keep all of their retirement funds, as well as most other possessions.

 

If you are struggling to pay your bills, speak with an experienced debt relief attorney from the Law Offices of Vincent W. Davis & Associates, at no cost, who can inform you of your options.


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