A Reddit user, having lost his job, is contemplating accessing his 401(k) or IRA to cover essential expenses. However, he is advised against this route, as it is generally considered unwise. Fellow Redditors recommend several alternatives, such as applying for unemployment benefits, seeking part-time work, encouraging his wife to find part-time employment, cutting expenses, and investigating government assistance programs like SNAP to cushion financial strain. The poster currently has significant monthly expenses but has some savings and stocks to rely on for now.
Taking money out of a 401(k) or out of an IRA is usually not a very good option.
Commenters suggested filing for unemployment benefits to replace part of his wages and consider part-time or gig work.
Collection
[
|
...
]