Advice Needed - Hit a very rough patch financially thinking of pulling money out of IRA

Retirement

Hi PF,
As the title says I am in a difficult situation financially - my industry has been hit hard over the past year and I have barely worked in the last 10 months. As such, I've gone through my prudent reserve and while still interviewing for jobs and taking work where I can get it I need money to get us through another month or two. Right now I'm planning on taking $15k out of an IRA. I know I'll be hit with both penalties and taxes so I wanted to see if anyone here has ideas on other options, ie - can you borrow against an IRA, etc.

Any help would be much appreciated.

Posted Feb 23, 2024, 11:36 PM UTC

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