In this episode of the Eagle’s Nest podcast: Keith Weinman explains why taking out money from your 401k during the COVID-19 crisis could be a huge mistake.
On Friday, March 27th, Congress passed the CARES ACts, a $2 trillion stimulus bill as a counter-measure response to the economic damage being caused by the measures required to slow COVID-19.
With millions of Americans facing unemployment or reduced pay, Congress has removed the penalty for individuals withdrawing up to $100k from their 401ks or individual retirement accounts (IRA).
However, there are caveats and a lot of variables to consider. For most people, withdrawing money from their 401k or IRA will be a huge mistake. Keith Weinman explains why in the podcast.
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