When Consumers Should Tap Into their IRA for Additional Money
Jamie Patrick Hopkins
Consumers caught without enough savings may have to tap into their retirement savings to pay for everyday expenses when an emergency arises or a job loss occurs. Borrowing money from your IRA account, after all, is a better solution than using credit cards with high interest rates, obtaining a home equity loan or seeking a loan from a payday lender or friends or family. But remember: once you take money out of an IRA, it is permanent, because you can’t repay it unlike a 401(k) loan.
Chang, Ellen, "When Consumers Should Tap Into their IRA for Additional Money" (2015). In the News. 3.