Retirement Accounts

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Posted on 6/13/2020

In 2020 there will be no required minimum distribution from workplace retirement savings plans like 401(k). That way you are not forced to sell investments that may have fallen in value.

You can withdraw money from your I.R.A or retirement plan early without a penalty if it is related to the outbreak. You can take out up to $100,000 without the 10 percent penalty. You can also spread out the income taxes owed on the withdraw over three years and put the money back before the three years are up. You qualify if you, a spouse or dependent tested positive or experienced negative economic consequences.

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