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4 Cash-Raising Risks (and Better Options)

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4 Cash-Raising Risks (and better alternatives)

If you require cash urgently, stop briefly to understand what options could hurt you over the long haul.

Written by Liz Weston, CFP(r) Senior Writer | Personal Finance, economics, credit scores Liz Weston, CFP(r) is a personal finance columnist co-host on»Smart Money,» the «Smart Money» podcast Award-winning journalist and author of five books about financial matters, among them the bestselling «Your Credit Score.» Liz has been featured on a variety of national radio and television programs including the «Today» show «NBC Nightly News,» The «Dr. Phil» show and «All All Things Considered.» Her columns are carried in the media by The Associated Press and appear in hundreds of media outlets weekly. Prior to joining NerdWallet she wrote articles for MSN, Reuters, AARP The Magazine and the Los Angeles Times. She shares a home located in Los Angeles with a husband as well as a daughter, and a golden retriever who is a co-dependent.

Aug 5, 2021

Edited by Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, debt and money management Kathy Hinson leads the core personal finance team at NerdWallet. In the past, she worked for 18 years at The Oregonian in Portland in positions such as copy desk chief and team leader for design and editing. Prior experience includes news and copy editing for various Southern California newspapers, including the Los Angeles Times. She received a bachelor’s degree in mass communication and journalism from Iowa’s University of Iowa.

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If you’ve got more bills than cash, the standard suggestion is to cut down on costs and make additional money. But some ways of could be more costly than other. Here are four things that should be avoided, in the event that they are possible, and alternatives you should be thinking about instead.

Be wary of raiding retirement plans

A significant portion of money contributed to retirement plans is lost as hardship withdrawals, cash-outs when jobs change or loans that aren’t repaid. A recent study conducted by the Congressional Joint Committee on Taxation estimated that every year 22% of contributions that are made by those 50 or younger is prematurely withdrawn usually in cash-outs, as people leave jobs.

But these are usually expensive and leave you with too little savings in retirement. You typically must pay tax penalties and income taxes on distributions plus you give up any compounding tax-free that your money could have made.

You might have alternatives. If you’re employed, you can borrow money from the funds in your 401(k) or stop retirement plan contributions for a short period to free up cash. If you’re in possession of an Roth IRA, you can withdraw an amount equal to your contributions without owing taxes or penalties.

If you can’t stay clear of a large-scale cash withdrawal, it is possible to reduce the harm by withdrawing only the amount you require and allowing the remainder to grow. For instance, if you’re resigning from your job, you could roll in your 401(k) account in an IRA and only take what you require to withdraw from your IRA. It could save you from having to withdraw the entire account.

Be sure to take advantage of health insurance.

You might be in good health right now however, you’re one serious injury or accident away devastating medical expenses.

If you’re not able to get access to health insurance through work then take a look at for the Affordable Care Act exchanges at . Premiums have been lowered for the majority of people this year, and insurance coverage is free for many, which includes those who receive unemployment benefits this year.

An analysis by the nonpartisan health-related think group KFF found that the number of people who qualify for subsidies has increased by 20 percent as a result of the American Rescue Plan Act passed in March. Additionally, 4 out of 10 people without insurance would qualify for a free or nearly free plan.

Also, you can cut down on costs by choosing a high-deductible plan. This means that you will have to pay many thousands out of your pocket if you get sick or injured, but at least you’ll avoid the type of six- or five-figure bills that could bankrupt you.

Beware high-cost loans

Among the most expensive ways to borrow are car titles loans or loans that don’t require credit checks. These high-cost loans make it easy to fall into a cycle of debt, where you’re unable to make the repayments and are then forced to take out again. Car title loans place your car at risk of being confiscated in the event of non-payment.

They may not be as quick or as convenient however they’re generally more beneficial for your financial wellbeing:

If you are in need of help to pay bills, start by checking 211.org, a clearinghouse of government and charitable resources.

If you’re unable to pay back a loan and you aren’t able to pay it, talk to the lender for forgiveness and other options for hardship.

If you have credit card, you should consider a cash advance. These usually have double-digit rates of interest, however high-cost loans typically have triple-digit interest rates.

If you’re employed, you can request your employer to provide an advance in your pay or an urgent loan.

Another option for those who are employed. For instance, Earnin, Dave or Brigit. Be careful however, as fees could make these loans similar to payday loans, and trap you in the same cycle of debt if you come to rely on them.

Don’t stiff the IRS

If you’re unable to pay the tax due, it can be tempting not to make a tax return. However, failing to file can result in much higher penalties than failing to pay, says CPA Neal Stern, a member of the American Institute of CPAs’ Financial Literacy Commission. Furthermore, there’s no time limit for audits when you don’t make a filing. The IRS could come after you years or decades later.

The IRS has payment plans that permit you to pay your invoice over time. You can also charge a tax payment to a credit card , or look into an individual loan to pay the amount you have to pay, Stern says.

The solution is to not ignore the issue. solution. It is important to know that the IRS has automated procedures that link forms such as W-2 and 1099 with tax returns. If something is missing it can quickly lead to an electronic discrepancy notice as well as an audit Stern says.

If you have a debt and fail to pay it, the IRS may seize your banking accounts or garnish your wages and other income until all unpaid tax, penalties, and interest are collected, Stern says. The IRS may even take possession of and even sell your home.

«The IRS is probably the most efficient and unstoppable collection agency you’ll encounter,» Stern says. «If you have outstanding taxes, you should pay the maximum amount you can, as fast as you can.»

The article originated from NerdWallet and was originally released by Associated Press.

The author’s bio: Liz Weston is a columnist for NerdWallet. She is certified as a financial planner and author of five money books, including «Your Credit Score.»

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