Money mistake no. 17: Dipping into your retirement fund

If you don’t have a strong reason to tap your retirement funds, such as a medical emergency or another difficult situation, do not do it; you’ll most likely regret it eventually. Don’t dip into your financial retirement future just because your kitchen has gone out of style.

First, you will face extremely high penalty fees. Secondly, you will be unable to take advantage of the compound interest you’ve earned. So, if you need that extra cash for a big home renovation project or a much-needed vacation, try a high-interest savings account (it has no withdrawal penalties), but not your retirement funds.

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