Please talk to me before you tap your 401(k), IRA, or 403(b) for cash right now. I'll walk you through the many pros and cons. It's easier to do now--fewer restrictions and penalties. But don't make an avoidable mistake.
The Coronavirus Aid, Relief and Economic Security Act (CARES) provides $2 trillion (!) to help individuals and businesses during the economic downturn caused by the COVID-19 virus. Other provisions include extended tax payments and eliminating penalties for taking money out of your retirement plan. If you must, you must. But let's discuss it first, so you know all of your options. Here are some specifics regarding employer-sponsored retirement plans.
Be well, stay safe, and contact me with any questions about your financial situation. I'll help or point you in the right direction.
--Gary Partoyan
(703) 746-8195 office