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Covid 19: New 401k Rules Under the CARES Act

Lynnette Khalfani-Cox, The Money Coach by Lynnette Khalfani-Cox, The Money Coach
in Covid-19, Covid-19 Video
Reading Time: 1 min read
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In this video learn how the new CARES Act will impact your 401(K) account.

Transcript

Lynnette Khalfani Cox: If the coronavirus crisis has left you short of cash, you should know about some legislation the Fed’s just passed, to make it easier for you to tap into your 401(k).

For starters, they’ve increased the amount that you can borrow from your retirement assets, whether that’s a 401(k), a 403(b) or a 457 plan.

In essence, you used to be able to only borrow as much as $50,000. Now they’ve doubled that to $100,000. Additionally, they’ve made it easier to tap into your funds, by accessing it through something called a hardship distribution.

Essentially, again, you can get up to $100,000 out of your 401(k) fund, without having that nasty 10 percent penalty. You will have to still pay taxes on any distributions you take, but at least it’s not the same as paying that extra 10 percent to Uncle Sam.

Read: Should I Payoff a Few Credit Cards Using My 401(K)

Tags: 401(K)
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About

Lynnette Khalfani-Cox, The Money Coach®, is a personal finance expert, speaker, and author of 15 money-management books, including the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom.

Lynnette has been seen on more than 1,000 TV segments nationwide, including television appearances on Oprah, Dr. Phil, The Dr. Oz Show, The Steve Harvey Show, Good Morning America, The TODAY Show and many more.

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