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

, 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."

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.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

California lawmaker says state should free prisoners amid COVID-19 - Business InsiderSydney Kamlager, a state representative in California, says the crisis shows we can detain fewer people while maintaining public safety.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Bank of America exec rejected staff COVID-19 fears: CNBC transcript - Business InsiderA leaked audio transcript showed a Bank of America exec rejecting concerns of staff who didn't want to come to the office for fear of the coronavirus BoA right now
Source: BusinessInsider - 🏆 729. / 51 Read more »

The changes covid-19 is forcing on to businessOptimists see the current trends as offering new possibilities for reinvention. Pessimists see inefficiencies weighing on profitability for years to come Inefficiencies = resilience. Building fragile systems optimised for profit which is then siphoned off by the owners, and then expecting socialist bailout when it fails, is not a sustainable economic model. The only invention we need is Made in Anywhere but China realists see the obsession with profitability as destroying the planet and killing millions
Source: TheEconomist - 🏆 6. / 92 Read more »

SheaMoisture Is Giving $1 Million to Women of Color Whose Business Are Impacted by COVID-19SheaMoisture is stepping up and donating $1 million to women of color whose business are impacted by COVID-19.
Source: InStyle - 🏆 103. / 63 Read more »