The Pitch – Are you pulling from your retirement fund?

November 20, 2009 – 10:35 am – No Comment

401k Road Sign

Are you pulling from your retirement fund early?

Question

Are you pulling money out of your retirement fund, have you considered it and what advice do you have for someone facing this situation?

Answer:

I actually don’t have a retirement fund in a traditional sense. My husband and I have a nest egg that we put money into. However, if I am understanding the ways 401(k)’s work, then it isn’t a great idea for people to pull money out of it early unless they absolutely have to. The fees for drawing from a retirement plan early can be quite high, however the fees vary depending on your fund.

If I were faced with a situation where I either had to pull from my retirement fund or my family would go without food, then I would likely pull from the fund…it just all depends on your individual circumstances and how you feel about it.

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