3 Bad Reasons To Take Money Out Of Your Retirement Savings [Forbes]
Tompkins Financial Corporation (TMP)
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Source: Forbes
GettyPresident Trump recently signed the CARES Act into law. Among the many other things it does, the Act gives you the penalty-free option to take money out of your 401(k) plan or IRA before you are 59½.“The CARES Act allows individuals to take a loan up to $100,000 from their 401(k),” says Stephen Rischall, a co-founder at Navalign Wealth Partners in Los Angeles. “It also allows individuals to take a coronavirus hardship distribution up to $100,000 from a 401(k) or IRA without any potential 10% early withdrawal penalty, and you’ll have up to 3 years to pay the taxes or replace the funds in the account.”Just because you’re allowed to take your money out prematurely, however, doesn’t mean you should.Granted, in cases of true hardship you may have no other choice than to sacrifice your retirement for an urgent need today. Still, it would be unfortunate to succumb to any one of several bad reasons for using your retirement savings now. Here are three of them:Bad Reason #1: You’re tempte
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News
- Tompkins Financial (TMP) Misses Q1 Earnings and Revenue Estimates [Yahoo! Finance]Yahoo! Finance
- Tompkins Financial Corporation Reports First Quarter Financial Results [Yahoo! Finance]Yahoo! Finance
- Tompkins Financial Corporation Reports First Quarter Financial ResultsBusiness Wire
- Tompkins Financial Corporation Reports Cash DividendBusiness Wire
TMP
Earnings
- 4/26/24 - Miss
TMP
Sec Filings
- 4/26/24 - Form 8-K
- 4/8/24 - Form 13F-HR
- 4/8/24 - Form 4
- TMP's page on the SEC website