By: Pamela Andrillon, JBS Corp
The COVID-19 pandemic has financially impacted millions of Americans’ lives, forcing many to withdraw funds from their 401(k) savings account to stay afloat. Typically, making a withdrawal from your 401(k) before the age of 59½ is met with a 10% early withdrawal penalty. Fortunately, the Coronavirus Aid, Relief and Economic Security (CARES) Act includes many provisions, such as enabling individuals to withdraw up to $10,000 from their 401(k) accounts without being penalized, that in doing so, lessens the burden on those affected by the pandemic. Check out this NerdWallet article, as they unveil the provisions of the CARES Act that make withdrawing from our 401(k)s easy during the pandemic: Cashing Out a 401(k) Due to COVID-19? Consider These Things First
