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COVID-19 relief bill allows early 401(k) withdrawals, but be cautious - Business Insider

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Even if it's comparatively cheaper to pull from a retirement account right now, an early withdrawal reduces your balance and diminishes future earning potential, and you'll pay taxes

, up to $100,000. Usually any nonqualified early withdrawal — money taken out before you turn 59.5, except in the event of death or disability — is subject to a penalty equal to 10% of the distribution amount. The relief bill waives that penalty.

The no-penalty allowance applies to "coronavirus-related distributions" — i.e. people who are diagnosed with COVID-19 or have experienced financial hardship from quarantine, layoffs, reduced hours, or furlough between now and December 31, 2020. It also includes people who are unable to work due to lack of childcare or business owners who can't operate right now.

"To some degree, accessing funds from your IRA or retirement plan should be the plan of last resort," Gorman said. "Retirement funds are for your life in the future. Only if things are dire should you touch it."

 

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How about not worrying about that, and enjoying what remains of western 'civilization' before it collapses.

Or you pray that our corrupt government and FED will keep the Ponzi scheme going until you retire. And don't expect Social Security to pay you anything unless a gallon of milk is $100. Because any money will have almost no value with inflated currency.

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