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Retirement Withdraw Caution

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The Cares Act

Eligible individuals can now withdraw up to $100,000 from their retirement accounts, in total, without penalty as long as they pay back the distributions within three years.

However, it’s never a good time to raid your retirement funds early, but now is an especially bad time. If your assets in your retirement account are down [and they likely are] that’s a double whammy.

What’s more, individuals shouldn’t consider the option to tap savings a free lunch. All that happens is you are relieved of the 10% early-withdrawal penalty. You still owe tax, at least eventually, on traditional 401(k) and IRA withdrawals. This tax can be enormous.

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