Timothy Sumer

401k CARES Act withdrawal limits have been updated in response to the CARES Act recently signed into law updating 401k withdrawal limits. CARES Act 2020 401k Withdrawal Updates - Effective March 27, 2020, you can take a 401k CARES Act withdrawal of up to the lesser of $100,000 or 100% of your vested 401(k) Plan account balance. You also have the ability to take a hardship withdrawal from the 401(k) plan that is exempt from the normal 10% early withdrawal penalty and repayable within three years. Some of the Pros of taking 401k loans and hardship withdrawals include: Instant capital can be received from your 401k retirement account with very minimal effort. Most 401k plans offer online 401k hardship withdrawals that can get you money within a matter of a few days with no credit checks, impacts to your credit, or a lengthy application process. Another benefit of the 401k CARES Act withdrawal is the fact that the money can be used for anything, although it is highly suggest

🚨Read Our FREE eBook🚨 Get Richer Sleeping - Investing 101: Many people were shocked to see their 401k accounts dropping in value after the 2020 economic slowdown. This is why you need to know how to manage your 401(k) the right way and in this video, we talk about how to manage your 401k during a recession. Subscribe To Our Channel: Recommended: Things You NEED To Understand About The New Economy: Real Estate Investing: How To Manage Your 401k During A Recession 0:23 - The majority of people have been investing in their 401k as their retirement plan for years and are worried about what to do with their 401(k) 1:44 - How the 401k works as a tax deferred retirement account and an investment account 2:45 - How the 401k is changing during this pandemic by letting you pull out $100,000 from your 401k 3:30 - Understanding 401k taxes in this economic slowdown and comparing a Traditional 401k with a Roth 401k 5:00 - How to protect yourself from taxes going up in th