Tempted to raid your retirement? Make sure its worth it
In these desperate financial times, you might be tempted to pull from your retirement early. Financial experts say, if you can help it, dont tap into your retirement funds early. A new report from the American Investment Institute shows in 2017, the IRS collected around $5.7 billion in penalties from retirement plans. If you think you might need some fast money, experts recommend setting up an emergency savings account or a loan. The American Investment Institute report showed that the average amount taken in an early, non-exempt withdrawal was roughly $11,100 per tax return.