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Try other solutions before raiding retirement fund

The temptation to shortchange your retirement to meet present financial needs could be a disastrous move in the long run.

There are other ways to deal with current economic conditions without tapping your retirement. From BusinessWeek, Ellen Hoffman provides tips:

• Control your spending. Review your spending for the last few months or even the last year.

• Consider refinancing your home. In other cases, downsizing your home — reducing both mortgage and maintenance expenses — might be the solution.

Don't fall for tricky deals — such as an interest-only mortgage or an ARM with a huge balloon payment — that have plunged so many homeowners into financial disaster in recent months.

• Create an emergency fund that, in a crunch, could pay up to six months of your expenses. Apply for a home-equity line of credit — easier to get when you are not in dire financial straits — to use if the unexpected should occur.

The temptation to shortchange your retirement to meet present financial needs could be a disastrous move in the long run.

Get the full article here.


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