Posted on

Here are the only two times you should ever tap your 401(k)

Share

Over 25% percent of Americans are planning to tap their 401(k) during the coronavirus crisis.

But that almost always will be a bad idea, according to financial expert and radio show host Chris Hogan

“The only time you really want to touch your 401(k) is to prevent bankruptcy or foreclosure,” Hogan said.

Pulling money out of your retirement accounts in most other situations prevents you from taking advantage of upswings in the market, Hogan said.

Check out this video to learn the four moves Hogan recommends everyone should make to protect their 401(k).

More from Invest in You:
‘Predictably Irrational’ author says this is what investors should be doing during the pandemic
Coronavirus forced this couple into a 27-day quarantine amid their honeymoon cruise
How to prepare for a family member with Covid-19

Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.

Read More