{"id":969,"date":"2020-04-01T21:45:00","date_gmt":"2020-04-01T21:45:00","guid":{"rendered":"https:\/\/www.simplywise.com\/blog-2023\/?p=969"},"modified":"2023-06-22T22:03:52","modified_gmt":"2023-06-22T22:03:52","slug":"withdrawing-from-your-401k-during-coronavirus","status":"publish","type":"post","link":"https:\/\/www.simplywise.com\/blog\/withdrawing-from-your-401k-during-coronavirus\/","title":{"rendered":"Withdrawing from your 401k during coronavirus"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"969\" class=\"elementor elementor-969\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c0d3440 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c0d3440\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6978256\" data-id=\"6978256\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-67e7e62 elementor-widget elementor-widget-text-editor\" data-id=\"67e7e62\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.13.3 - 28-05-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>The CARES Act (Coronavirus Aid, Relief, and Economic Security) Act passed March 27 is more widely known right now as the \u201c<a href=\"https:\/\/www.simplywise.com\/blog\/will-people-on-social-security-get-a-stimulus-check\">stimulus check bill<\/a>\u201d. The legislation is meant to provide relief to Americans whose employment and savings has been impacted by the COVID-19 pandemic. Indeed, those individual stimulus checks are badly needed. A\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/new-study-63-of-americans-will-need-another-stimulus-check-within-3-months\/\">recent SimplyWise survey<\/a>\u00a0found that 40% of Americans\u2019 income has been lost or reduced due to the virus. And 43% of those who have lost their jobs are not\u00a0 confident they will be employed in the next three months.\u00a0<\/p><p>But what is not as widely known about the new legislation is that it also provides other forms of financial support by giving greater access to the cash in your\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/death-of-retirement\/\">retirement<\/a>\u00a0account \u2013 for example, by relaxing withdrawals from your 401k.<\/p><p>Most people, particularly younger people, might miss this 401k coronavirus relief.\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/will-people-on-social-security-get-a-stimulus-check\">Our survey<\/a>\u00a0found that 50% of people over 60 years old planned to draw from their retirement accounts to fill their income gaps right now. But of respondents between 18-60 who are feeling financially strapped, just 15% planned to tap their retirement accounts.\u00a0<\/p><p>Yet while the retirement-related provisions of the CARES Act may be buried in the\u00a0<a href=\"https:\/\/www.cnn.com\/2020\/04\/01\/politics\/stimulus-money-distribution-individuals\/index.html\" target=\"_blank\" rel=\"noopener\">stimulus check news<\/a>,\u00a0the new law in fact makes it easier \u2013 and less costly \u2013 to use your retirement accounts for cash today. Understanding the new options can potentially help with your finances right now.\u00a0However, it\u2019s important to consider your retirement savings for your future as you do. Below we outline what the CARES Act offers with regards to your retirement savings.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-846f725 elementor-widget elementor-widget-template\" data-id=\"846f725\" data-element_type=\"widget\" data-widget_type=\"template.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-template\">\n\t\t\t\t\t<div data-elementor-type=\"section\" data-elementor-id=\"196\" class=\"elementor elementor-196\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-339b45e0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"339b45e0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3f771e94\" data-id=\"3f771e94\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-44435407 elementor-cta--skin-classic elementor-animated-content elementor-bg-transform elementor-bg-transform-zoom-in elementor-widget elementor-widget-call-to-action\" data-id=\"44435407\" data-element_type=\"widget\" data-widget_type=\"call-to-action.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<link rel=\"stylesheet\" href=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/elementor\/css\/custom-pro-widget-call-to-action.min.css?ver=1764022918\">\t\t<a class=\"elementor-cta\" href=\"https:\/\/simplywise.app.link\/Iv0wVANrvfb\">\n\t\t\t\t\t\t\t<div class=\"elementor-cta__content\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-content-item elementor-cta__content-item elementor-icon-wrapper elementor-cta__icon elementor-view-default\">\n\t\t\t\t\t\t<div class=\"elementor-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-lightbulb\"><\/i>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<h2 class=\"elementor-cta__title elementor-cta__content-item elementor-content-item\">DID YOU KNOW?<\/h2>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__description elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\tRetirement is 99% easier when your paperwork is organized. \n\nJoin 250,000+ Americans securely storing their important receipts, bills &amp; documents with the SimplyWise app.\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__button-wrapper elementor-cta__content-item elementor-content-item \">\n\t\t\t\t\t<span class=\"elementor-cta__button elementor-button elementor-size-md\">\n\t\t\t\t\t\tGet the App\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-72afa71 elementor-widget elementor-widget-text-editor\" data-id=\"72afa71\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<section class=\"elementor-element elementor-element-63b44e5 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"63b44e5\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-4e8aacb elementor-column elementor-col-100 elementor-top-column\" data-id=\"4e8aacb\" data-element_type=\"column\"><div class=\"elementor-column-wrap  elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-86c75b9 elementor-widget elementor-widget-heading\" data-id=\"86c75b9\" data-element_type=\"widget\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h2 class=\"elementor-heading-title elementor-size-default\">Tax-favored withdrawals from your retirement plan<\/h2><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-element elementor-element-2127ce6 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"2127ce6\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-e73284f elementor-column elementor-col-100 elementor-top-column\" data-id=\"e73284f\" data-element_type=\"column\"><div class=\"elementor-column-wrap  elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-11a4a20 elementor-widget elementor-widget-text-editor\" data-id=\"11a4a20\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix\"><p>Normally, withdrawing from your 401k or other retirement account before you are 59 \u00bd years old results in a 10% penalty on the amount taken. But these aren\u2019t normal times.\u00a0<\/p><p>Recognizing that people may need to draw on their retirement savings right now, the CARES Act waives that 10% penalty on withdrawals up to $100,000 for distributions made to an individual throughout all of 2020.<\/p><p>The withdrawn amounts can be repaid to the retirement plan or IRA over a three-year period, in one or more installments, at any time. Those repayments will be treated as a tax-free rollover, and will not be subject to the annual contribution limits of your plan.\u00a0<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-2c1f054 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2c1f054\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-fe68fe5\" data-id=\"fe68fe5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7afe0f1 elementor-widget elementor-widget-text-editor\" data-id=\"7afe0f1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Distributions not repaid within the three-year period can be taxable income \u2013 however the amount can be included in your income and taxed ratably over three years.\u00a0<\/p><p>Now with regards to eligibility for these tax-favored withdrawals, there are a couple of important points.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-2508789\" data-id=\"2508789\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-586a564 elementor-widget elementor-widget-image\" data-id=\"586a564\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.13.3 - 28-05-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"483\" src=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2020\/04\/Screen-Shot-2023-06-20-at-4.47.36-PM.png\" class=\"attachment-large size-large wp-image-972\" alt=\"\" srcset=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2020\/04\/Screen-Shot-2023-06-20-at-4.47.36-PM.png 682w, https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2020\/04\/Screen-Shot-2023-06-20-at-4.47.36-PM-300x227.png 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-95f1f8a elementor-widget elementor-widget-text-editor\" data-id=\"95f1f8a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<section class=\"elementor-element elementor-element-93c6d11 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"93c6d11\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-66d518d elementor-column elementor-col-100 elementor-top-column\" data-id=\"66d518d\" data-element_type=\"column\"><div class=\"elementor-column-wrap  elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-0ab7e29 elementor-widget elementor-widget-text-editor\" data-id=\"0ab7e29\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix\"><p>First, these coronavirus-related distributions apply to 401(k), 403(b), and governmental 457(b) plans. Second, they are technically restricted only to people who are deemed to be \u201caffected individuals\u201d by the Coronavirus. To qualify, individuals must fall within one of two main categories:<\/p><ol><li>You, your spouse or your dependent have been diagnosed with COVID-19 by a\u00a0<a href=\"https:\/\/www.cdc.gov\/coronavirus\/2019-ncov\/lab\/testing-laboratories.html\" target=\"_blank\" rel=\"noopener\">CDC-approved test<\/a>, or<\/li><li>You have experienced adverse financial consequences related to COVID-19, as a result of:<ul><li>being quarantined;<\/li><li>being furloughed, laid off, or having your work hours reduced;<\/li><li>being unable to work due to lack of child care\u00a0<\/li><li>being unable to work due to closures or reduced hours related to the current pandemic.\u00a0<\/li><li>other factors as determined by the Secretary of the Treasury<\/li><\/ul><\/li><\/ol><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-element elementor-element-16d046c elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"16d046c\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-d0b983f elementor-column elementor-col-100 elementor-top-column\" data-id=\"d0b983f\" data-element_type=\"column\"><div class=\"elementor-column-wrap  elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-488bb9a elementor-widget elementor-widget-heading\" data-id=\"488bb9a\" data-element_type=\"widget\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h2 class=\"elementor-heading-title elementor-size-default\">Loans from your retirement plan<\/h2><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-element elementor-element-5a4613e elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"5a4613e\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-5ec0dbd elementor-column elementor-col-100 elementor-top-column\" data-id=\"5ec0dbd\" data-element_type=\"column\"><div class=\"elementor-column-wrap  elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-2028d56 elementor-widget elementor-widget-text-editor\" data-id=\"2028d56\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix\"><p>Normally, the limit for loans from a qualified retirement plan is $50,000. The CARES Act allows for loans up to the lower of $100,000 or 100% of the participant\u2019s account balance . These loans will be available only from March 27, 2020 (the date of the bill signing) through September 23, 2020.<\/p><p>In addition, for loans from qualified retirement plans that are due between March 27, 2020 and December 31, 2020, the payment due date will be delayed one year.\u00a0<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-element elementor-element-626cf5f elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"626cf5f\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-54318fe elementor-column elementor-col-100 elementor-top-column\" data-id=\"54318fe\" data-element_type=\"column\"><div class=\"elementor-column-wrap  elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-8ce2cc7 elementor-widget elementor-widget-heading\" data-id=\"8ce2cc7\" data-element_type=\"widget\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h2 class=\"elementor-heading-title elementor-size-default\">Waiver of required minimum distributions<\/h2><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-element elementor-element-6a6c490 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"6a6c490\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-8af36d9 elementor-column elementor-col-100 elementor-top-column\" data-id=\"8af36d9\" data-element_type=\"column\"><div class=\"elementor-column-wrap  elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-a979baf elementor-widget elementor-widget-text-editor\" data-id=\"a979baf\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix\"><p>For individuals who participate in retirement plans or own an IRA, tax rules typically demand they take a required minimum distribution (RMD) from their retirement plan, starting April 1 of the year they turn 70 \u00bd.\u00a0<\/p><p>However, the CARES Act temporarily waives those RMDs throughout 2020. This means that anyone who has already begun taking RMDs, or who was required to begin taking them in 2020, will now have their RMDs waived for the remainder of this year.\u00a0<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-732aaf5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"732aaf5\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-4927ad3\" data-id=\"4927ad3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e61d31b elementor-widget elementor-widget-image\" data-id=\"e61d31b\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"583\" src=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2020\/04\/Screen-Shot-2023-06-20-at-4.48.38-PM.png\" class=\"attachment-large size-large wp-image-973\" alt=\"\" srcset=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2020\/04\/Screen-Shot-2023-06-20-at-4.48.38-PM.png 686w, https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2020\/04\/Screen-Shot-2023-06-20-at-4.48.38-PM-300x273.png 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-4f7c7b1\" data-id=\"4f7c7b1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9ba0929 elementor-widget elementor-widget-text-editor\" data-id=\"9ba0929\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Translation? Retirees will not be forced to liquidate their investment accounts at a time of extreme market volatility.<\/p><p>The CARES Act also extends the period over which distributions must be made due to an employee\u2019s or IRA owner\u2019s death by one year.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-be7935c elementor-widget elementor-widget-text-editor\" data-id=\"be7935c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<section class=\"elementor-element elementor-element-ed08060 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"ed08060\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-50e49b6 elementor-column elementor-col-100 elementor-top-column\" data-id=\"50e49b6\" data-element_type=\"column\"><div class=\"elementor-column-wrap  elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-b96c777 elementor-widget elementor-widget-text-editor\" data-id=\"b96c777\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix\"><p>And unlike the retirement savings withdrawals, this RMD waiver applies to everyone. It is not restricted to individuals who have been affected by COVID-19.<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-element elementor-element-17e31ea elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"17e31ea\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-63a3c6f elementor-column elementor-col-100 elementor-top-column\" data-id=\"63a3c6f\" data-element_type=\"column\"><div class=\"elementor-column-wrap  elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-38be7c1 elementor-widget elementor-widget-heading\" data-id=\"38be7c1\" data-element_type=\"widget\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h2 class=\"elementor-heading-title elementor-size-default\">Should I take a 401k loan or withdrawal?<\/h2><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-element elementor-element-77b5da3 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"77b5da3\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-40a583e elementor-column elementor-col-100 elementor-top-column\" data-id=\"40a583e\" data-element_type=\"column\"><div class=\"elementor-column-wrap  elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-e4c749c elementor-widget elementor-widget-text-editor\" data-id=\"e4c749c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix\"><p>The decision about taking a loan or withdrawing from your 401k or other retirement account is important to consider carefully, as it can impact your future. Some financial advisors recommend that a loan is a better alternative to a payment withdrawal. Others say that taking money from your retirement savings essentially means borrowing from your future self, because the cash you take out won\u2019t have the opportunity to grow and compound over time.\u00a0If you do decide to tap your retirement savings, it may be prudent to first review your plan and financial situation with a financial advisor.<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-element elementor-element-8001b0a elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"8001b0a\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-519369a elementor-column elementor-col-100 elementor-top-column\" data-id=\"519369a\" data-element_type=\"column\"><div class=\"elementor-column-wrap  elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-042777f elementor-widget elementor-widget-heading\" data-id=\"042777f\" data-element_type=\"widget\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h2 class=\"elementor-heading-title elementor-size-default\">Takeaways<\/h2><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-element elementor-element-519c859 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"519c859\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-5da8f39 elementor-column elementor-col-100 elementor-top-column\" data-id=\"5da8f39\" data-element_type=\"column\"><div class=\"elementor-column-wrap  elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-e40e434 elementor-widget elementor-widget-text-editor\" data-id=\"e40e434\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix\"><p>This is a difficult time for many Americans, many of whom are quarantined alone in their homes and\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/coronavirus-cabin-fever\/\">suffering from isolation and cabin fever<\/a>. Use the time you have at home to\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/stay-smart-with-retirement-savings-during-coronavirus\/\">educate yourself about all of the options<\/a>\u00a0that you have for your current financial situation. Wherever possible, speak to a financial advisor before making a decision like withdrawing from your 401k account that could impact your future savings and retirement.<\/p><p>Above all, in spite of today\u2019s uncertainty, it\u2019s important to remember not to lose sight of your long term goals.\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/social-security-retirement-benefits\/\">Saving and retirement planning is something you do for life<\/a>, from managing your investments, to maximizing your Social Security income (earned,\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/guide-to-social-security-spousal-benefits\/\">spousal<\/a>\u00a0and\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/guide-to-social-security-and-death\/\">widow\u2019s benefits<\/a>),\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/fastest-growing-jobs-for-seniors\/\">thinking about late-in-life work opportunities<\/a>, and tax planning. Fortunately, there are plenty of\u00a0<a href=\"https:\/\/www.simplywise.com\/\">resources online\u00a0<\/a>to help you prepare, so that when this crisis is over, you can get back to living your life.<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-eb52cf6 elementor-widget elementor-widget-template\" data-id=\"eb52cf6\" data-element_type=\"widget\" data-widget_type=\"template.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-template\">\n\t\t\t\t\t<div data-elementor-type=\"section\" data-elementor-id=\"196\" class=\"elementor elementor-196\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-339b45e0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"339b45e0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3f771e94\" data-id=\"3f771e94\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-44435407 elementor-cta--skin-classic elementor-animated-content elementor-bg-transform elementor-bg-transform-zoom-in elementor-widget elementor-widget-call-to-action\" data-id=\"44435407\" data-element_type=\"widget\" data-widget_type=\"call-to-action.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<a class=\"elementor-cta\" href=\"https:\/\/simplywise.app.link\/Iv0wVANrvfb\">\n\t\t\t\t\t\t\t<div class=\"elementor-cta__content\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-content-item elementor-cta__content-item elementor-icon-wrapper elementor-cta__icon elementor-view-default\">\n\t\t\t\t\t\t<div class=\"elementor-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-lightbulb\"><\/i>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<h2 class=\"elementor-cta__title elementor-cta__content-item elementor-content-item\">DID YOU KNOW?<\/h2>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__description elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\tRetirement is 99% easier when your paperwork is organized. \n\nJoin 250,000+ Americans securely storing their important receipts, bills &amp; documents with the SimplyWise app.\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__button-wrapper elementor-cta__content-item elementor-content-item \">\n\t\t\t\t\t<span class=\"elementor-cta__button elementor-button elementor-size-md\">\n\t\t\t\t\t\tGet the App\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The CARES Act (Coronavirus Aid, Relief, and Economic Security) Act passed March 27 is more widely known right now as the \u201cstimulus check bill\u201d. The legislation is meant to provide relief to Americans whose employment and savings has been impacted by the COVID-19 pandemic. Indeed, those individual stimulus checks are badly needed. A&nbsp;recent SimplyWise survey&nbsp;found [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":970,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-969","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Withdrawing from your 401k during coronavirus - SimplyWise Cost Estimator<\/title>\n<meta name=\"description\" content=\"The new CARES Act gives Americans greater access to cash in their retirement accounts, including withdrawing from 401k during coronavirus. 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