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The April 20, 2020 CARES Act Makes It Easier To Withdraw from Your 401(k). Here's What to Know Before You Do
The CARES Act Makes It Easier To Withdraw from Your 401(k). Here's What to Know Before You Do by Chris Taylor Typically for retirement plan savers, it’s extremely tough to get at your money early. Think of it as locked in a safe: To withdraw it before age 59.5, you have to crack multiple defenses like extra penalties and steep tax withholding. But now, with the Covid-19 crisis, the safe has been opened – at least temporarily.
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By MONEYThe CARES Act Makes It Easier To Withdraw from Your 401(k). Here's What to Know Before You Do by Chris Taylor Typically for retirement plan savers, it’s extremely tough to get at your money early. Think of it as locked in a safe: To withdraw it before age 59.5, you have to crack multiple defenses like extra penalties and steep tax withholding. But now, with the Covid-19 crisis, the safe has been opened – at least temporarily.