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CARES Act Modification Allows More Retirement Savings Access

on June 29, 2020

Americans who have been adversely affected by the COVID-19 pandemic may now be able to access retirement accounts to help cover daily expenses, penalty-free.

Now, in addition to those who have lost their jobs during the COVID-19 pandemic, you may access your retirement funds without being subject to the 10 percent penalty if your income was reduced, or who’ve had the start of a new job delayed.1

The expanded guidelines also let people dip into their retirement accounts if they’ve lost a job offer, or if their spouse’s income was impacted as a result of the pandemic.2

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was designed to help Americans deal with the economic impacts of the COVID-19 pandemic.2 Under the CARES Act, the Internal Revenue Service has recently released updated guidelines that will allow more Americans to access money in their retirement accounts without penalty.

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