People who tapped 401(k) plan during pandemic are stealing from their future selves, advisors warn

• Hundreds of thousands of Americans have pulled money from 401(k) plans during the coronavirus pandemic. 
• The CARES Act allowed savers to withdraw up to $100,000 before the end of the year without penalty. 
• Thinking of retirement savings like a monthly income stream, similar to a pension or Social Security, instead of a lump sum of money may push savers to reconsider taking a distribution.

Thousands of 401(k) plan savers have pulled money from their nest egg during the coronavirus pandemic.

This amounts to stealing from their future selves, some financial planners say.

Drawing down retirement savings early leaves less for one’s golden years, and leaves less runway for future investment growth.

Greg Iacurci | CNBC