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When Consumers Should Tap Into their IRA for Additional Money

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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.