Ep. 030 - The ONE Reason NOT to Touch Your Retirement Savings

Imagine a future where you're living comfortably because you made smart decisions about your retirement savings now. That's the promise we're making in today's episode of the Savvy Budget Girl podcast. We're exploring the reasons you might be tempted to dip into your retirement savings early and why you should resist it. We're also distinguishing between taking a loan and withdrawing from your retirement account and the potential tax implications.

Have you heard of the term 'hardship withdrawal'? We explain what the IRS considers a hardship and the conditions that might allow one to access funds without penalty. But remember, always consult with a tax advisor. We then move on to the subject of 401k loans, dissecting the allure of quick cash and the pitfalls that come with it. It's all about equipping you with the knowledge to make the best financial decisions for your future.

Ready to launch your podcast for fun and profit? Click the link below or contact me on IG at @savvybudgetgirl!

Resources from today's episode:

https://www.fidelity.com/viewpoints/financial-basics/taking-money-from-401k

https://www.debt.org/retirement/401k-loan/

https://www.investopedia.com/financial-edge/1112/average-cost-of-an-american-christmas.aspx

https://wendycoop.as.me/podcastlaunch