Consumer Alert: Advice before you raid your retirement accounts

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OKLAHOMA CITY (KFOR) – Americans build 401(k) plans to ensure financial security during their retirement years.

But many Americans are dipping into their 401(k) to stay afloat during the COVID-19 pandemic.

One in four Americans are raiding their retirement accounts after a coronavirus-related job loss, according to BankRate.com.

Amy Welch with the Oklahoma Society of CPAs spoke with KFOR via Skype, and provided some ways to preserve your wealth while weathering the pandemic.

Watch the above video for Amy’s insight into this important concern.

You can get a free financial kit at OSCPA.com.

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