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Q: If I need to tap my retirement fund now can I do it?
You can, but the penalties and taxes you will incur vary depending upon the type of account you're tapping. If you have a Roth IRA, you can withdraw any of your principal contributions at any time, just as if you were withdrawing from a savings account. Any earnings you withdraw will be subject to taxes and penalties. If you have a 401(k) or a regular IRA, you must pay taxes and penalties on any money you withdraw before retirement age. (There are a few specific exemptions but unless you qualify, prepare to pay penalties and taxes.) These can add up to substantial sums, so consider carefully whether or not it's worth it. Some 401(k) plans allow you to take a loan from your 401(k) that avoids the taxes and penalties, but if you leave your job (whether voluntarily or involuntarily) that loan must be repaid within 60 days or it is considered an early withdrawal and becomes subject to taxes and penalties.
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