Inflation is pushing more people to dip into their retirement savings. Experts say it's a terrible idea.
What’s the difference between a 401k loan, early withdrawal and hardship withdrawal?
If you opt for an early withdrawal, you will have to pay taxes on the money and will likely get hit with an additional 10% penalty. Financial experts say withdrawals should be a last resort because you could not only lose that money but also because of the power of compound interest.
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