What to do if you have used your savings during the pandemic

During difficult times, people can turn to their savings long-term to help them overcome a short-term difficulty. That's true for many Americans now weathering the coronavirus pandemic.

More than a quarter (27%) of adults with retirement savings who work or have recently lost their job have used or plan to use those funds as an immediate source of income due to the COVID-19 crisis, according to a new survey .

While the measure may bridge a money gap now, it also makes it more difficult for you to ensure a comfortable retirement in the future. But there are ways to mitigate the long-term effects of retiring early, experts said. It requires a bit of frugality, discipline, and hard work.

As a result of the coronavirus relief package called the CARES Act, you have more time to make your savings retirement benefits are complete with no tax penalties. If you return the same amount you withdrew within the next three years, you can avoid tax consequences.

But the downside to pulling out, even for a coronavirus-related financial hardship, remains that you will have forgone investment earnings.

"The biggest risk is that the money will go out and never come back in," said Greg McBride, a financial analyst. "The $5,000 you take out today could be $30,000, $40,000, or $50,000 by the time you retire."

Find extra money to contribute
If you can't find a second job during the coronavirus outbreak, cut back on expenses to free up money.

"You can't make a living off this, but you can focus on being a conscious spender," said Ande Frazier, CEO of myWorth, an online finance education community geared toward helping women.

"I think this is a really good opportunity to reevaluate where you're spending your money," Frazier said. "If you've had to cut things, don't rush to add them back, as it would make more sense to keep saving."

Increase future contributions
Another strategy to recoup the amount you have withdrawn is to increase future contributions when you are employed and on a stable financial footing to increase your savings.

"Withdrawing an amount early in life has a negative compounding effect on your future retirement asset pool," said Dan and Natalie Slagle, founders of Fyooz Financial Planning. "To overcome this, you may need to increase future retirement plan contributions when cash flow stabilizes again."

That's what some savers are already doing. About 1 in 7 millennials are contributing more to their retirement accounts during the crisis than before.

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Both founders also recommend holding off on big life decisions, like home or car improvements, as well as saving for your children's education, to get your retirement back on track.

"All those expenses can be tapped if needed, while your retirement account can't," they said.

Open another retirement account
If you've taken the time to build a side business, it may be helpful to create a separate retirement account for that.